International Trade & Economic Models

Process

You may work in groups of 3-4. (Keep in mind each member must still complete their own exit ticket.)

Navigate to the World Bank website and change the table to show the Most Recent Values from highest to lowest (you will have to click twice). Who are the 3 countries with the highest GDP? Who are the 3 countries with the lowest GDP? Discuss with your group what factors might have influenced this ranking.

Skim the article "Economy & Trade" by the Office of the U.S. Trade Representative. What would happen to U.S. trade if current trade barriers were reduced?

Take a look at this image from The Balance. Then skim the article "US Exports Top Categories, Challenges, and Opportunities" from The Balance. Identify the top U.S. exports and industries. Why does the United States have a comparative advantage in these industries? Consider geography, technology, labor, etc.

Scroll down to the section of the article titled Why the United States Doesn't Export More.

Also, log into LCPS Go > Library Resources > Britannica School > High > International Trade. Use the Table of Contents menu in the top left to go to the section titled The Theory of International Trade and read the Sources of Comparative Advantage.

With your group, identify the types of competition for U.S. trade. What are some of the barriers to trade for the U.S.? Can you offer some possible solutions to these barriers?

Next, skim the webpage "Applications of the Production Possibilities Model". Read the section titled "Comparative Advantage and International Trade". What happens as countries move from isolation to trade? How does this benefit the individual countries? How is this beneficial internationally?

Scroll down to continue reading the section titled The Sources of Economic Growth. What two factors have contributed most to US economic growth in the last 100-200 years?

Scroll down to the map, and click on Virginia. What is Virginia's largest export? What other products does Virginia export?

Now, let's look at how Loudoun County compares. Read the Economy section of the Loudoun County Wikipedia article. What industries are present in Loudoun County?

Navigate to the Metropolitan Area Export Tool from the International Trade Administration website. In the top right corner of the data sheet, use the drop down menu to select Washington-Arlington-Alexandria, DC-VA-MD-WV. What are the top industry exports in the area? How does this compare to the industries present in Loudoun County?

Skim this article from the Peterson Institute for International Economics. How has COVID-19 impacted supply and demand on imports and exports in the U.S.? Is this expected to change? How? When?

Finally, read the statement from the United Nations Conference on Trade and Development on Trade, Employment, and Development. How does trade affect the job market?

Once you and your group have completed the WebQuest, you will need to complete the exit ticket linked below (Schoology Assessment).