Unit 7: Lesson 40 - Why Do People Trade Across National Borders?
This lesson involves students in a trading simulation that grows in complexity. Students use this experience to investigate the consequences of voluntary trade among individuals in increasingly larger groups.
Unit 7: Lesson 41 - Why People Trade: Comparative Advantage
The students decide why people buy foreign goods, and they practice measuring the comparative advantage of different producers.
- Opportunity Cost
- Comparative Advantage
- Standard #6: Specialization
Unit 7: Lesson 43 - Why Are Some Nations Wealthy?
Students work in groups to examine data from several nations regarding size, natural resources, and population. Using these data, they try to identify the nations and predict whether each nation is rich or poor. Students rank the nations from richest to poorest. After the mystery nations are revealed, students discuss economists' findings about the factors that contribute most to long-term economic growth.
- Economic Growth
- Natural Resources
- Human Capital
- Physical Capital
- Property Rights
- Standard #15: Economic Growth