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TOK Economics Lesson #11. International Trade. Closed economy = C + I + G (Consumers + Investment + Government). Open economy = C + I + G + (X-M) Adds in Exports and Imports , also known as…. International Trade!. VIDEO TIME!. An oldie but a goodie (1951) –

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tok economics lesson 11

TOK Economics Lesson #11

International Trade

closed economy c i g consumers investment government
Closed economy = C + I + G(Consumers + Investment + Government)

Open economy = C + I + G+ (X-M)

Adds in Exports and Imports, also known as…. International Trade!

video time
VIDEO TIME!
  • An oldie but a goodie (1951) –

How Foreign Trade Works http://www.youtube.com/watch?v=-74YMKm2NE8

trade surplus vs trade deficit
Trade surplus vs. Trade deficit
  • Surplus: Exports>Imports, or Net exports

what country does this???

  • Deficit: Imports>Exports, or Net imports

know any country that does this?

which is better
Which is better?

The good side of each:

  • Trade surplus = More money and jobs, since people are buying all your stuff
  • Trade deficit = More stuff at cheaper prices!

The bad side of each:

  • Trade surplus = Less stuff for your own people; dependent on foreign buyers
  • Trade deficit = Jobs and money are going overseas; dependent on foreign producers
another video
Another video?
  • DVD Video Ch. 37: Trade
slide7
How does specialization explain why international trade is good?(Hint: everybody wins, at least in theory!)
  • APIP 7: Hatfields and McCoys
why do we import things that we could produce here
Why do we import things that we could produce here?
  • Comparative advantage
  • Quality
  • Price
  • Variety
what did the great depression teach us about using tariffs to protect jobs
What did the Great Depressionteach us about using tariffs to protect jobs?

Hint: It didn’t turn out too well…..

is nafta a good thing or a bad thing how about the wto
Is NAFTA a good thing or a bad thing? How about the WTO?
  • DVD: Street Meet: G20 Protest http://www.youtube.com/watch?v=Y1yaTY4Iqwk&feature=related
that is all for today
That is all for today

Thanks for your attention!

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