18.1 Benefits of Trade 18.2 Trade Restrictions and Free-Trade Agreements 18.3 Balance of Payments 18.4 Foreign Exchange Rates
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1 CHAPTER 18 International Trade 18.1 Benefits of Trade 18.2 Trade Restrictions and Free-Trade Agreements 18.3 Balance of Payments 18.4 Foreign Exchange Rates 1 CONTEMPORARY ECONOMICS: LESSON 18.1
2 Consider CHAPTER 18 International Trade If the United States is such a rich and productive nation, why are so many goods and services imported? Why isn t the United States self-sufficient? If free trade is such a good idea, why do some producers try to restrict foreign trade? What s up with the euro? Is a growing U.S. trade deficit a growing worry? 2 CONTEMPORARY ECONOMICS: LESSON 18.1
3 Objectives LESSON 18.1 Benefits of Trade Identify sources of comparative advantage. Discuss the gains from international trade even without comparative advantage. Describe U.S. exports and imports. 3 CONTEMPORARY ECONOMICS: LESSON 18.1
4 Comparative Advantage Labor and capital Soil and seasons Mineral deposits 4 CONTEMPORARY ECONOMICS: LESSON 18.1
5 Other Benefits of Trade Economies of scale Differences in tastes 5 CONTEMPORARY ECONOMICS: LESSON 18.1
6 U.S. Exports and Imports U.S. exports U.S. imports 6 CONTEMPORARY ECONOMICS: LESSON 18.1
7 Composition of U.S. Exports and Imports in CONTEMPORARY ECONOMICS: LESSON 18.1
8 LESSON 18.2 Objectives Trade Restrictions and Free-Trade Agreements Identify trade restrictions and evaluate their impact. Explain why nations seek free-trade agreements. 8 CONTEMPORARY ECONOMICS: LESSON 18.2
9 LESSON 18.2 Key Terms Trade Restrictions and Free-Trade Agreements world price tariff quota General Agreement on Tariffs and Trade (GATT) Uruguay Round World Trade Organization (WTO) 9 CONTEMPORARY ECONOMICS: LESSON 18.2
10 Trade Restrictions Tariffs Quotas Tariffs and quotas compared Other trade restrictions Problems with trade restrictions 10 CONTEMPORARY ECONOMICS: LESSON 18.2
11 Free Trade by Multilateral Agreement General Agreement on Tariffs and Trade (GATT) Trade rounds Uruguay Round World Trade Organization (WTO) Common markets The European Union North American Free Trade Agreement (NAFTA) 11 CONTEMPORARY ECONOMICS: LESSON 18.2
12 U.S. Tariff Revenue as a Percentage of Merchandise Imports insert CONTEMPORARY ECONOMICS: LESSON 18.2
13 Objectives LESSON 18.3 Balance of Payments Describe the components of a nation s current account. Describe the components of a nation s financial account. 13 CONTEMPORARY ECONOMICS: LESSON 18.3
14 Key Terms LESSON 18.3 Balance of Payments balance of payments current account merchandise trade balance trade surplus trade deficit financial account 14 CONTEMPORARY ECONOMICS: LESSON 18.3
15 Current Account The merchandise trade balance The balance on goods and services Unilateral transfers 15 CONTEMPORARY ECONOMICS: LESSON 18.3
16 U.S. Imports and Exports Since CONTEMPORARY ECONOMICS: LESSON 18.3
17 U.S. Trade Deficit in 2002 by Country or Region 17 CONTEMPORARY ECONOMICS: LESSON 18.3
18 Financial Account Record of the financial account Statistical discrepancy 18 CONTEMPORARY ECONOMICS: LESSON 18.3
19 Objectives LESSON 18.4 Foreign Exchange Rates Analyze the market for foreign exchange. Identify the participants in the market for foreign exchange. Distinguish between flexible and fixed exchange rates. 19 CONTEMPORARY ECONOMICS: LESSON 18.4
20 Key Terms LESSON 18.4 Foreign Exchange Rates foreign exchange exchange rate flexible exchange rates 20 CONTEMPORARY ECONOMICS: LESSON 18.4
21 The Market for Foreign Exchange Foreign exchange Exchange rate 21 CONTEMPORARY ECONOMICS: LESSON 18.4
22 The Euro Common currency in euro area Demand for euros 22 CONTEMPORARY ECONOMICS: LESSON 18.4
23 Supply of Foreign Exchange Generated by the desire of foreign residents to acquire dollars 23 CONTEMPORARY ECONOMICS: LESSON 18.4
24 The Foreign Exchange Market 24 CONTEMPORARY ECONOMICS: LESSON 18.4
25 Determining the Exchange Rate Supply and demand Currency depreciation Currency appreciation 25 CONTEMPORARY ECONOMICS: LESSON 18.4
26 Effect on the Foreign Exchange Market of an Increase in Demand for Euros 26 CONTEMPORARY ECONOMICS: LESSON 18.4
27 Who Buys Foreign Exchange? Speculators Arbitrageurs Those seeking a safe haven 27 CONTEMPORARY ECONOMICS: LESSON 18.4
28 Exchange Rate Systems Flexible exchange rates Fixed exchange rate 28 CONTEMPORARY ECONOMICS: LESSON 18.4
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