Which of These Choices is a Benefit of International Trade

Benefits of international trade

Introduction

This lesson introduces the concept of international benefit and looks at the benefits of international trade.  I would propose you to brainstorm this lesson by starting with the question: how do your students believe their own country has benefited from international trade?   Another activity is to ask your class to listing all of the goods they currently have with them – clothes, shoes, mobile telephone due east.t.c.  So dissever these goods into domestically produced and imported goods.  They may be surprised at but how many of their possessions are imported from overseas.

Enquiry question

What are the benefits of international trade?


Lesson time:
40 minutes

Lesson objectives:

Explain that gains from trade include lower prices for consumers, greater choice for consumers, the ability of producers to do good from economies of scale, the ability to larn needed resources, a more efficient allocation of resource, increased contest, and a source of foreign exchange.

Teacher notes:


ane.
First activity
– brainstorm with the prezi and the opening question and and so discuss this as a class.  (Allow five minutes in total)


2.
Processes

technical vocabulary

the students tin can acquire the background information from the videos, activity i and the listing of central terms.  (x minutes)


3. Applying the theory
– action two is more than paper three in type, graphing and short answer responses. (15 minutes)


4. Developing the theory
– action three involves a discussion of the strengths and weaknesses of trading.  (15 minutes)

Read:   Look at the Protein Below Which Could Be Its Function


v. Activity
iv contains a curt video which your classes will enjoy.  (5 minutes)

Primal terms:

International trade
– the exchange of all goods and services between one country and another.

Free trade
– a trade policy that does not restrict imports or exports; it can as well exist understood as the complimentary market place thought applied to international merchandise.

Opportunity cost
– the adjacent best choice foregone, so if a nation decides to specialise in the production of one skillful or service, they apply up resources which volition prevent them from using them in the production of another.

Comparative advantage
– an economical term that refers to an economy’southward power to produce appurtenances and services at a lower opportunity cost than that of trade partners.

The activities on this folio are available as a PDF file at:
Benefits of international trade

Opening activity

Begin past showing the following presentation earlier completing a short brainstorming session with the following titles:

International trade

What benefits has your country gained from international trade?

How many of the possessions that yous are currently wearing or conveying were made in your own country?  How many were produced overseas?  Include your telephone, clothing and the items in your pencil case?

Activity 1:
Benefits of international trade

Watch the following video, providing an overview of the history of complimentary trade, its strengths and weaknesses. and then answer the questions below.

(a) Why practise countries merchandise?

Information technology allows nations to merchandise those items where they accept a surplus and buy the ones they cannot produce themselves.

Read:   Solve the Following Inequality 38 4x 3 7 3x

(b) Describe the benefits enjoyed by the post-obit stakeholders of international trading:

i. Domestic consumers

Greater range of products to purchase at a lower cost.

ii. Domestic businesses

  • greater levels of contest which drives down prices and forces up efficiency
  • economies of scale for those businesses able to market their products overseas
  • potential loss of customers from cheaper / better quality imported goods and services.

iii. The world economic system as a whole

Allows nations to brand the all-time use of their resources and stabilises prices

(c) Trade between nations depends on which factors?

Demand for a countries goods and services, political stability and interest rate.

(d) What weaknesses did the video highlight of international trade?

Opposite to what some critics argue international trade does not cost jobs in the industrialised world merely it does shuffle them effectually.


The benefits of increased free trade include:

  • the gains through increased levels of specialisation through merchandise
  • specifically it allows nations to benefit, past producing those goods and services where they relish a comparative advantage
  • consumers also benefit from lower prices and a greater variety of goods and services
  • producers benefit from increased levels of competition besides as the gains which arise from having access to a much larger consumer market, providing greater opportunities for economies of scale.


The threats posed by merchandise:

  • groups of workers left behind e.one thousand. farm workers in 19th century England or production workers in United states.
  • risks of greater inequality through greater powers enjoyed by monopolies

Action 2:
National income and trade

Examine the following table which illustrates the human relationship between national income and trade.  All figures relate to 2021:

Read:   For What Value of X Does
Land Gross domestic product rank Gross domestic product billion $
Rank past export level Export billion $
USA 1 20,494,050 2

1,576,000

China two thirteen,407,398 1 2,157,000
Japan three 4,971,929 4 683,000
Germany 4 4,000,386 three 1,401,000
UK 5 2,828,644 9 436,500
France half-dozen 2,775,252 6 551,800
India 7 2,716,746 xviii 303,400
Italy eight 2,072,201 eight 499,100
Brazil 9 i,868,184 24 217,200
Canada 10 one,711,387 10 433,000

1. Using a piece of graph paper plot a graph with GDP rank on ane axis and export rank on the other.  Using a line of best fit plot the relationship between the ii variables.

ii. Describe the human relationship between the two variables?

There is clearly a direct correlation between the 2 variables with the wealthiest nations being the virtually active in international trade.  The question though is ‘are the wealthiest nations rich because they benefit from international trade’
or

‘Do the wealthiest nations trade more simply because they can and their success is not greatly continued to the level of trade?’

Activity 3

One of the largest container ports in the world is Amsterdam airport.  Lookout the post-obit short video which shows a 24 hour period, condensed into ane and a half minutes.

Which of These Choices is a Benefit of International Trade

Source: https://www.thinkib.net/economics/page/30529/benefits-of-international-trade

Originally posted 2022-08-04 05:44:10.

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