The Global Economy · Global Markets

Absolute and Comparative Advantage

Understanding why nations trade and how specialization increases global production.

Key Questions

  1. 1Why should a country import a good it could produce itself?
  2. 2How does specialization change the domestic labor market?
  3. 3Who are the winners and losers when a trade barrier is removed?

Ontario Curriculum Expectations

ON: Canadian and World Studies - Grade 9ON: Global Interdependence - Grade 9
Grade: Grade 9
Subject: Economics
Unit: The Global Economy
Period: Global Markets

Suggested Methodologies

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Examining tariffs, quotas, and the role of international organizations in regulating trade.

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Analyzing how the value of currency is determined and its impact on international purchasing power.

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