29 Dec International Trade

ECO202 – Microeconomics

Unit 8 Assignment: International Trade

Due: Sunday by 11:59 pm at the end of Unit 8.

International Trade

Think of the importance of trade in your life. Look simply at what you’re wearing today. When you shop, do you look for the “Made in the USA” label? Perhaps you believe we might be better off as a nation economically if we produced more goods in the attempt to become more self-supportive. Perhaps you believe we should increase the amount of goods traded internationally. Opinions and speculation vary as much as the number of economists that predict economic climate. Having said this, as a nation, simply put, we trade. And with that activity come many rules and regulations to try and ensure our best interests are protected. Based on this;

1. How is international trade regulated? Log on to www.wto.org and click the “Trade Topics” tab to learn about the scope of trade agreements and trade controversies. What is involved in “trade agreements”?

2. Log on to www.bea.gov and view the “International” tab, then “Trade in Goods and Services.”

What is the current balance of trade for the United States? Has this balance been increasing or decreasing? Based on the current economic conditions, how do you thing this balance will move in the near future, and why?

Your final product will be a paper that:

• Addresses each of the four questions above in total.

• Is APA formatted.

• The body is to be 2 pages minimum.

The requirements for your assignment are:

1. Answer each question fully

2. Define the overall subject of each question.

3. Cite at least three (3) resources from this week’s materials.