Modular Learning Outcomes
Upon successful completion of this module, the student will be able to satisfy the following outcomes:
•Case ◦Identify the effects of international trade policy.
◦Understand the foreign exchange market.
•SLP ◦Develop an argument for or against free trade.
•Discussion ◦Discuss the foreign trade deficit.
Module Overview
Individuals and households are not self-sufficient. We do not produce everything we consume. The market system facilitates the exchange of money and products. Few of us grow all our own food, but rather we buy it from the market. In an international market, trade allows countries to specialize and produce the good in which they have the lowest opportunity cost (comparative advantage). We will discuss the advantages and disadvantages of international trade.
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