Unit 7 -TRADE International Trade Vocabulary Free Trade Trade Barriers

Slides:



Advertisements
Similar presentations
Global Analysis International Trade.
Advertisements

Chapter 4 global analysis Section 4.1 International Trade Section 4.2
Chapter 4 Global Analysis
Understand the role of business in the global economy. 1.
Business in a Global Economy
Unit 13 International Marketing
Understand the role of business in the global economy.
Warm-up Make a list of 5 products, services, or ideas you believe we import. Make a list of 5 products, services, or ideas that you believe we export Why.
Global Interdependence Obj Chapter 26, Sect. 1 and Chapter 27, Sect.1.
Chapter 7.1 Trade Between Nations.
Glossary of Key Terms balance of payments. An account of the flow of goods, services, and money coming into and going out of the country. capital. Money.
Protectionism vs Free Trade.
International Trade Chapter 4.1. Bell Ringer Examine your clothing tags and possessions. Where were they made? Locate the countries on
Ch. 16: International Trade ECONOMICS 12. International Trade Canadians have become accustomed to consuming goods & services from all parts of the world.
Chapter 17: International Trade Section 2
Market vs. Command Freedom of choice We decided what to produce Prices determined by supply and demand Competition Quality/variety of products Private.
Ch 10, 11, 12 - Slide 1 Learning Objectives 1.Explain 1.Explain why nations need to trade with each other. 2.Describe 2.Describe how currency exchange.
Comparing Economies International Trade An Interdependent World.
COMPETITION IN THE MARKETPLACE. BUYERS & SELLERS  BUYERS = CONSUMERS  SELLERS = PRODUCERS BUYERS & SELLERS COME TOGETHER TO EXCHANGE THINGS OF VALUE.
International Trade Agreements Economics 11 Stewart.
Are free trade agreements harmful to the U.S economy?
 Government actions that are designed to protect domestic industries and jobs from foreign competition.  While international trade allows people and.
FA32 GLOBAL TRADE AND REGULATIONS. GLOBALIZATION The flow of goods, services, money, labor, technology across international borders.
+ Foreign Trade U.S. Trading with other Countries.
PRINCIPLES OF MACROECONOMICS LECTURE 11 ECONOMICS OF PROTECTIONISM.
Trade. Growth of trade In 1991, the US exported $365 billion and Imported $450 billion By 2004 those numbers had increased to $1.151 trillion in exports.
CH. 26 ECONOMIC SYSTEMS STANDARD EE 1.1, 1.2, 2.3.
International Trade & its Benefits. Why do Nations Trade? To obtain goods they cannot produce To reflect comparative advantage- when one country produces.
Chapter 17.  Resource Distribution and Specialization  Natural Resources  Capital and Labor  Unequal Resource Distribution  Specialization and Trade.
Ch 4.1 International Trade The Global Marketplace.
Civics Core 100, Goal 9 The learner will analyze factors influencing the United States economy.
7 th Grade Civics Miss Smith *pgs (21.4).
Global Developments Protectionism – idea that a country wants to prevent free trade to safeguard the jobs, and the overall economy. Developed Country –
INTERNATIONAL TRADE VOCABULARY Import – a product purchased from another country. Export – a product sold to another country. Global interdependence –
International Trade. The Global Marketplace The interdependence of nations The benefits of international trade Government involvement in International.
Trading with other Nations
International Trade Chapter #4.
UNIT 7 REVIEW GAME International Trade Basics Free Trade & Protectionism Globalization Issues The United Nations & Internationalism
3 Restrictions on Imports
International Trade Chapter 4. Nature of International trade International Trade – is the exchange of goods and services among nations. International.
Introduction to Business, Business in a Global Economy Slide 1 of 64 Global Competition Global competition often leads to trade disputes between countries.
Unit 7 -TRADE International Trade Vocabulary Free Trade Trade Barriers Trade Agreements Global Developments United Nations Human Rights.
Unit IX – Global Interdependence
International Trade Chapter 17.
International Trade Describe the benefits of international trade.
Lead off 5/1 Should we buy things from other countries? Why or why not? Should the government do things to discourage/prohibit us from buying things from.
Standard SSEIN1: Explain why we trade internationally.
International Trade and Global Products
Chapter 21 Section 4 (Pgs ) Living in a World Economy
International Economics Analyze costs and benefits of global trade
What do you think the cartoon is trying to show?
Trade Barriers & Agreements
Unit 9: Economics World Economy & Trade.
CHAPTER 4 GLOBAL ANALYSIS
International Economics
Trade Barriers and Trading Blocks
Unit 9: Economics World Economy & Trade.
International Economics
International economics
International Trade Agreements
Global Trade and Regulations
Human Rights Vocabulary
Free Trade.
You will be given the answer. You must give the correct question.
An Interdependent World
Living in a World Economy
International Economics
Trading with other Nations
Trade.
International Trade Chapter 4.1 (2006 Edition)
Presentation transcript:

Unit 7 -TRADE International Trade Vocabulary Free Trade Trade Barriers Trade Agreements Global Developments United Nations Human Rights

INTERNATIONAL TRADE VOCABULARY Import – a product purchased from another country. Export – a product sold to another country. Global interdependence – idea that countries of the world are growing increasingly dependent on one another. Comparative advantage – ability of one country to produce a product at a lower opportunity cost than another country. Favorable balance of trade – a country exports more than they import. Foreign trade is profitable to the nation. Unfavorable balance of trade – a country imports more than they export. Foreign trade loses money for the nation.

Arguments For Free Trade Increased competition = improved products. Trade restrictions damage export industries. Specialization and comparative advantage lowers prices. Greater political cooperation.

Arguments Against Free Trade TRADE BARRIERS Protectionism – idea that country should impose barriers to international trade in order to protect domestic industries. Arguments Against Free Trade Job security is threatened. Protection of nation’s economic security is needed. Protection of infant industries is needed. Trade Barriers Tariff (protective, revenue) Quota – a limit on the value or number of products to be brought in from another country Embargo – a refusal to trade with another country. Trade Cartel – a group of nations band together to control the supply & price of a product. (OPEC) OPEC COUNTRIES

TRADE AGREEMENTS NAFTA – North American Free Trade Agreement (US, Canada, Mexico) CAFTA – Central American Free Trade Agreement (US, Central American Countries WTO – World trade Organization – app. 150 nations seeking to increase trade and limit trade barriers. EU – European Union – 27 European countries have created a single economic entity.

Arguments for Supporting Development Issues for Supporting Development Global Developments Protectionism – idea that a country wants to prevent free trade to safeguard the jobs, and the overall economy. Developed Country – a country which is highly industrialized, with high levels of technology, and a large middle class. Developing Country – a country which is transitioning from a more traditional economy to an industrialized nation. There are various levels of developing nations. Arguments for Supporting Development Higher per capita GDP. Opens markets to sell goods and services. Promotes democracy. Issues for Supporting Development Environmental protection. Protection of Domestic Jobs.

Goals of the United Nations Internationalism – nations should cooperate to promote common aims, such as supporting economic development and fighting terrorism. Goals of the United Nations Promote peace Provide aid to nations Promote & Protect Democratic Elections Prevent Violence Provide aid to Refugees Globalization Interdependence and interaction among individuals and nations working across barriers of distance, culture, and technology. Global Issues 1) Environmental Destruction 2) Economic Inequality

Declaration of Human Rights Human Rights Violations Protection of Rights Similar to US Bill of Rights Additions – freedom of movement, right to asylum, right to nationality, right marry/family, own property Raising Standards of Living Includes - right to security, right to work, equal pay for equal work, right to form and join trade unions. Additions – standard of living acceptable for health and well-being, right to education Human Rights Violations Genocide – deliberate killing of members of a racial or cultural group. (Nazi Germany, Rwanda) Apartheid – separating people based on race or ethnicity. (South Africa, Similar Issues in Southern United States – Jim Crow Laws)