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8.1 |
Explain the benefits of trade
among individuals, regions and countries. |
| 8.2 |
Define and
distinguish between absolute and comparative advantage.
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| 8.3 |
Define trade barriers, such as
quotas and tariffs. |
| 8.4 |
Explain why countries erect
barriers to trade. |
| 8.5 |
Explain the difference between
balance of trade and balance of payments.
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| 8.6 |
Compare and contrast labor
productivity trends in the United States and other developed
countries.
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| 8.7 |
Explain how most trade occurs
because of a comparative advantage in the production of a particular
good or service. |
| 8.8 |
Explain how changes in
exchange rates impact the purchasing power of people in the United
States and other countries. |
| 8.9 |
Evaluate the arguments for and
against free trade. |
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