Do Now Exercise:

1. Do Now Exercise: Research, Discuss, and Document the challenges of “International Trading.” How would this have effected your “Doyle’s” project?

2. Marketing I Mr. Gallucci Lesson 28 Obj: Categorize imports and exports by making a list of goods the US imports/exports and to which countries we trade with, after a discussion on international trade.

3. Defining International Trade • International Trade – Exchange of goods and services between nations • Imports – Goods and services purchased from other countries • Exports – Goods and services sold to other countries Obj: Categorize imports and exports by making a list of goods the US imports/exports and to which countries we trade with, after a discussion on international trade.

4. Defining International Trade • Types of advantages in International Trade: • Absolute Advantages • When a country has special natural resources or talents that allow them to produce it for low cost • Example: China producing silk Obj: Categorize imports and exports by making a list of goods the US imports/exports and to which countries we trade with, after a discussion on international trade.

5. Defining International Trade • Types of advantages in International Trade: • Comparative Advantage • Value a nation gains by selling the goods that it produces most efficiently • Example: US businesses producing high-tech goods and services (airplanes, computers, machinery, telecommunications) Obj: Categorize imports and exports by making a list of goods the US imports/exports and to which countries we trade with, after a discussion on international trade.

6. Activity Make a list of 5 commonly imported goods and 5 commonly exported goods of the US. For each, document the benefits or disadvantages each good brings to the US. Obj: Categorize imports and exports by making a list of goods the US imports/exports and to which countries we trade with, after a discussion on international trade.