1. International trade

2. EQ:
How have current trade policies and agreements impacted the growth of the U.S economy and the American worker?

3. Key terms and concepts Exports Imports Absolute Advantage
Comparative Advantage
Tarff
Protective Tariff
Revenue Tariff
Quotas
Protectionist
Free Traders
Most Favored Nation
Five Arguments for Protection
World Trade Organization
Foreign Exchange Rate
Trade Deficit
Trade Surplus

4. Exports vs imports
Imports: The goods and service that a country buys from other countries. This varies from country to country on what they can produce.
Ex. U.S imported phone system devices including smartphones: US$104.9 billion (up 76.8% from 2015
Ex. Fuel, especially crude oil, is still a major import for many US states.
Exports: The goods and service that a country produces and sells to other countries.
Ex. Wheat, Corn and sweet Oregon timber

7. Absolute vs comparative advantage
Absolute: When a country can produce a good or service more efficiently than another country and thus has the upper hand.
Basically they have an advantage in all the areas known as The Factors of Production.
Comparative: When a country has the ability to produce a product relatively more efficiently, or at a lower opportunity cost.
Basically a country has the advantage in one of the Factors of Production.

8. Group Discussion
What are 3 comparative advantages other countries (Specifically China) have over the United States?

10. Tariffs and quotas
Tariff: is a tax placed on imports to increase their prices in the U.S market.
Quota: Is a limit placed on the quantities/number of a product that can be imported into the U.S market.
Are they good or bad for the American Economy, namely the American consumer?

11. Protective vs revenue tariffs
Protective: is a tax high enough to protect less efficient U.S industries.
Ex. In Denmark an American made car has a 100% tax on the purchase of the car. If the price of the next car 10,000 Dollars, then with the tax, it costs $20,000.
Revenue: Is a tax that is high enough to generate money for a country but not so high that U.S industries can’t compete.
Ex. Duties on alcohol

12. Protecting Domestic Jobs Money at home Balance Payments
As a table Group define and give examples for the 5 arguments of protectionism
National Defense
Infant Industries
Protecting Domestic Jobs
Money at home
Balance Payments

13. World trade organization (wto)
Administers trade agreements
Settles trade disputes between countries
Organizes trade negotiations
Provides assistance and training to developing countries
Basically the Ref of world trade

14. Trade deficit or surplus
According to the video on China and NAFTA, what has been the result?