BUS 1103 - Microeconomics: Learning Guide for Unit 8 PDF

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This is the Learning Guide for the last unit of the course (Unit 8)....

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1/7/22, 9:00 AM

Learning Guide for Unit 8

Overview Unit 8: International Trade and Globalization

Topics: Absolute and Comparative Advantage The Benefits of Reducing Barriers to International Trade Protectionism Restricting Imports Trade Policy

Learning Objectives: 1. Discuss absolute advantage, comparative advantage, and opportunity costs in international trade 2. Explain the effects international trade have on jobs, wages, and working conditions 3. Analyze the impact of trade barriers on globalization

Tasks: Peer Assess Unit 7 Written Assignment Read the Learning Guide and required readings for Unit 8 Respond to the Discussion Forum Question for Unit 8 Respond to at least three Discussion Forum answers written by your fellow students. Complete the Self-Quiz for Unit 8 Make entries to the Learning Journal for Unit 8 Complete the “Self-Check Questions” at the end of Chapter 14 of the text. (The answers are after Appendix D in the book.) Do not hand these in.

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Learning Guide for Unit 8

Introduction

Congratulations! You have reached the last Unit of Microeconomics. After this Unit, you will complete the Final Exam. Every consumer has to be impacted by international trade, globalization, and protectionism in some form. Unit 8 provides extensive information on these three areas. For centuries, people have been conducting some method of trading among each other. Trading allows people and countries to get goods that they may not be able to produce locally. Globalization has allowed international trading to take place. International trading allows countries and consumers to import and export products throughout the world instead of to or from only one region. Along with international trading, there may be issues between countries with trade policies. This can cause trade barriers and restrictions, which are forms of protectionism. Chapter 19 is rich in knowledge of what the purpose of international trade is. This chapter will present you with information that you may not have thought of before. For instance, is everything you consume daily produced in the country you live in, or is it imported from different countries? Check the labels on your clothes or the brand of your computer to see where they were originally made. Chapter 20 takes international trade further to understand how governments play a part in trade by invoking sanctions such as tariffs, import quotas, and nontariff barriers. Reference:  The Economist Intelligence Unit Limited. (2020). Democracy index 2019. [White paper]. https://www.eiu.com/public/topical_report.aspx?campaignid=democracyindex2019

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5/11

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Learning Guide for Unit 8

Reading Assignment 1. Greenlaw, S. A. & Shapiro, D. (2018). Principles of microeconomics, 2e. Open Stax Rice University. https://d3bxy9euw4e147.cloudfront.net/oscms-prodcms/media/documents/Microeconomics2e-OP.pdf Chapters 19 & 20 Video Resources 2. CrashCourse. (2015, Nov 15). Imports, exports, and exchange rates: Crash course economics #15. [Video]. YouTube.

Imports, Exports, and Exchange Rates: …

3. EconClips. (2018, Jan 5). Exports and imports | Protectionism, tariffs and who benefits from them. [Video]. YouTube.

Exports and Imports | Protectionis…

4. World101. (2019, June 19). International trade explained | World101. [Video]. YouTube.

International Trade Explained | World101

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6/11

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Learning Guide for Unit 8

7/11

1/7/22, 9:00 AM

Learning Guide for Unit 8

Discussion Forum

In the discussion forum, you are expected to participate often and engage in deep levels of discourse. Please post your initial response by Sunday evening and continue to participate throughout the unit. You are required to post an initial response to the question/issue presented in the Forum and then respond to at least 3 of your classmates’ initial posts. You should also respond to anyone who has responded to you.

Discussion prompt: For international trade, discuss your country’s absolute advantage, comparative advantage, and opportunity costs. What are the main goods or services that your country export? What are the products that your country imports? Do you think that your country can produce a particular good rather than having it imported? Explain Respond to three peers from different countries. Compare and contrast your response to theirs. How do the imported or exported goods in your country differ from theirs? What factors impact how they differ?

Your Discussion should be a minimum of 200 words in length and not more than 300 words. Please include a word count. Following the APA standard, use references and in-text citations for the textbook and any other sources.

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8/11

1/7/22, 9:00 AM

Learning Guide for Unit 8

Learning Journal The Learning Journal is a space where you should reflect on what was learned during the week and how it applies to your daily life and will help you with your life (career) goals.

Learning Journal prompt: Answer the following questions on globalization and protectionism: Why does the government create trade barriers if they can potentially hurt a worker in an economy (due to lower wages)? a. What can be done to avoid trade barriers? b. As a consumer, what are your experiences with trade barriers? c. What alternatives do you recommend to replace trade barriers? Why do you think labor standards and working conditions are lower in developing nations of the world rather than in other countries? Should a country impose higher safety standards on imported goods that exist in the foreign country where the goods were produced? Provide an explanation.

Be sure that your Learning Journal entry is a minimum of 500 words. Make sure you cite and reference your sources of information in the APA format.

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9/11

1/7/22, 9:00 AM

Learning Guide for Unit 8

Self Quiz The Self-Quiz gives you an opportunity to self-assess your knowledge of what you have learned so far. The results of the Self-Quiz do not count towards your final grade, but the quiz is an important part of the University’s learning process and it is expected that you will take it to ensure understanding of the materials presented. Reviewing and analyzing your results will help you perform better on future Graded Quizzes and the Final Exam. Please access the Self-Quiz on the main course homepage; it will be listedinsidethe Unit.

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10/11

1/7/22, 9:00 AM

Learning Guide for Unit 8

Checklist Peer Assess Unit 7 Written Assignment Read the Learning Guide and required readings for Unit 8 Respond to the Discussion Forum Question for Unit 8 Respond to at least three Discussion Forum answers written by your fellow students. Complete the Self-Quiz for Unit 8 Make entries to the Learning Journal for Unit 8 Complete the “Self-Check Questions” at the end of Chapter 14 of the text. (The answers are after Appendix D in the book.) Do not hand these in. 

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