Trade Lesson 1 The World Economy and Global Trade
  
 
 
 
Trade Lesson 1 The World Economy and Global Trade

Overview

This lesson provides us with an overview of global trade: transactions of merchandise in the form of exports and imports, the place of trade in international economics and the balance of payments, the composition and dynamics of trade, and the link between globalization and trade. 

Relevant Learning Objectives

1. Grasp an overview of global trade: transactions of merchandise in the form of exports and imports, the place of trade in international economics and the balance of payments, the composition and dynamics of trade, and the link between globalization and trade.

Procedure

Pre-Class Assignments

  • Students read Chapters 1 and 2 of the textbook 

Possible Classroom Activities

  • Trade Lesson 1 Module Hook (0) Show the five minutes of the Youtube video to introduce students the concept of international trade. Ask students to think about the clip in a critical fashion. Who benefits from trade and why and who does not benefit and why?
  • Trade Lesson 1 PowerPoint Presentation (0) Present the PowerPoint presentation. Questions are embedded in the slides. Use the glossary to define any unknown terms
  • Trade Lesson 1 Measuring Trade in China (0) Students collect the time series data on exports and imports of China. Plot them in Excel and answer to the following questions: What does the Chinese trade pattern exhibit? and How is the Chinese trade balance (exports – imports) different from the American one?
  • Trade Lesson 1 Ethical Issue Activity on Wal-Mart (0) Students read the article on Wal-Mart and discuss the ethical implications of Wal-Mart’s expansion to China.
  • Trade Lesson 1 Review (0) Ask the students to each list one reason why international trade is important and how it affects their lives.

Resources

Optional Resources 

 

Next:  Global Trade Theory I: The Ricadian Theory of Comparative Advantage