4.1.1 Drawing on examples describe how economies are interdependent. (a) Describe the reasons for trade among and within nations. (k) Explain the benefits of trade among individuals, regions, and countries. (k) Define absolute advantage, comparative advantage and specialization. (k) Given a case study or a situation, draw conclusions about which nation has the absolute and/or comparative advantage in producing a product. (a) Explain, using examples, how most trade occurs because of a comparative advantage in the production of a particular good or service. (a) Analyze the barriers and restrictions on domestic and international trade. (a) Define free trade. (k) Evaluate the arguments for and against free trade. (i) Examine international trading agreements, trading blocks, and emerging trading patterns. (a)

4.1.1 Drawing on examples describe how economies are interdependent. (a) Countries trade. Some countries have things other countries need – for example natural resources. Prices could be lower in other countries. People can move between countries. Countries send military forces around the world. Countries assist each other financially.

4.1.2 Describe the reasons for trade among and within nations. (k) There are advantages too trading. Some are more affective at producing goods than others. Not every nation has the same resources. To acquire luxuries. It assists in positive relations. It can be a source of income for a country or region.

4.1.3 Explain the benefits of trade among individuals, regions, and countries. (k) Access to good you couldn’t get otherwise. Access to resources Better relations between regions. Generates income. Technology or knowledge can be traded. Could create more employment. Can be of benefit to both or multiple parties. Can result in lower prices. Can result in greater efficiency in resource use.

4.1.4 Define absolute advantage, comparative advantage and specialization. (k) Absolute advantage: Someone is definitively better at creating something than another. Comparative advantage: Comparing one person to another, one individual could create an overall advantage for everyone, through trade.

4.1.5 Given a case study or a situation, draw conclusions about which nation has the absolute advantage and/or comparative advantage in producing a product. (a) See notes and video from website on DVDs and Wheat. EMBED VIDEO HERE.

4.1.6 Explain, using examples, how most trade occurs because of a comparative advantage in the production of a particular good or service. (a) For example, we import electronics to Canada, but we export wood/lumber. Another example, China import automobiles, export a lot of clothing. Japan exports automobiles, but imports oil.

4.1.7 Analyze the barriers and restrictions on domestic and international trade. (a) Tarriff: a tax on a good that crosses a baorder. Trade routes: ships, trucks, trains may have to travel in specific ways, places, routes or methods. Protectionist laws. War or conflict. Trade agreements Currency trading issues People may have restrictions on movement.