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Use the internet, and in particular ‘The WTO in Brief’ section of the WTO website (www.wto.org), to do the following tasks.
Explain that gains from trade include lower prices for consumers, greater choice for consumers, the ability of producers to benefit from economies of scale, the ability to acquire needed resources, a more efficient allocation of resources, increased competition, and a source of foreign exchange.
We played a simulation game to introduce the reason why nations trade. We will investigate this further on Thursday.
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March 2021
Maree SpraggonTeacher of IB Economics at the American School of Budapest Categories |