Ch 11: ILTS Business: Global Economics

About This Chapter

Let us teach you about global economics. The video lessons and self-assessment quizzes in this chapter can prepare you to answer questions about economics on the ILTS Business, Marketing and Computer Education content area test.

ILTS Business, Marketing and Computer Education - Global Economics: Chapter Summary

Learn about command, market and mixed economies in this chapter on global economics. You can use this series of video lessons as a study guide for the Illinois Licensure Testing System (ILTS) Business, Marketing and Computer Education content area test. This chapter also addresses international banking and services and the World Trade Organization, as well as the following global economics topics:

  • Comparative and absolute advantage
  • Gains from trade and the benefit of specialization
  • Foreign currency exchange
  • How the exchange rate is determined and converted across countries
  • Currency appreciation and depreciation
  • How fiscal and monetary policies affect the exchange rate
  • How currency changes affect imports and exports
  • Achieving trade balance

ILTS Business, Marketing and Computer Education - Global Economics Objectives

The Illinois State Board of Education uses the ILTS Business, Marketing and Computer Education content area test as part of its certification process for business, marketing and computer education teachers. This 125 multiple-choice-question exam is divided into six subareas. Questions about global economics might be addressed in the subarea on economics, consumer economics and career development.

A team of experienced professional educators developed the video lessons for this online chapter on global economics. You can watch these brief lessons as often as you'd like as you prepare for the ILTS Business, Marketing and Computer Education exam. You also might opt to take the accompanying self-assessment quizzes, which can help you identify areas where you need a little more work before the test.

14 Lessons in Chapter 11: ILTS Business: Global Economics
Test your knowledge with a 30-question chapter practice test
Competition Within Free Markets: Types & Summary

1. Competition Within Free Markets: Types & Summary

We live in a free market economy, but that doesn't mean there is always free competition. In this lesson, you'll learn about perfectly competitive markets, monopolies, monopolistic markets and oligopolies.

International Banking and Services

2. International Banking and Services

Business never stops in the global economy. Companies need banking services 24 hours a day on different continents. In this lesson, you'll learn about international banking, including services provided and types of banks.

Comparative Advantage: Definition and Examples

3. Comparative Advantage: Definition and Examples

Understand the definition of comparative advantage, using two goods as an example. This key lesson incorporates the basic foundations of economics into one foundational theory explaining what goods and services that people,and nations, should produce and for whom they should produce it.

Absolute Advantage in Trade: Definition and Examples

4. Absolute Advantage in Trade: Definition and Examples

In this lesson, you'll learn what absolute advantage is and how to easily identify it within examples of international trade. In addition, you'll learn the important difference between absolute advantage and comparative advantage.

Gains From Trade and the Benefit of Specialization

5. Gains From Trade and the Benefit of Specialization

Explore one of the most widely accepted ideas in economics - the idea that nations benefit from specialization and exchange, reaping gains from trade.

Foreign Currency Exchange: Supply and Demand for Currency

6. Foreign Currency Exchange: Supply and Demand for Currency

In this lesson, you'll learn why money from different countries has different values of exchange. We'll cover the supply and demand for currencies and how changes in supply and demand can affect the exchange rates between currencies.

Exchange Rate: Determination and Conversion Across Countries

7. Exchange Rate: Determination and Conversion Across Countries

Understand what exchange rates are and the different types that can be used by governments and countries. See how they operate and how the conversion process works across countries.

Currency Appreciation & Depreciation: Effects of Exchange Rate Changes

8. Currency Appreciation & Depreciation: Effects of Exchange Rate Changes

Find out how changes in the exchange rate can affect the economy and your own individual situation. Discover how these currency changes can increase and decrease your purchasing power and standard of living.

How Fiscal and Monetary Policies Affect the Exchange Rate

9. How Fiscal and Monetary Policies Affect the Exchange Rate

Discover how fiscal and monetary policy can affect the exchange rate and ultimately the amount of money it costs you to buy goods and services. Find out the three paths that both fiscal and monetary policy can travel to impact the exchange rate.

How Currency Changes Affect Imports and Exports

10. How Currency Changes Affect Imports and Exports

Learn about how currency changes can affect imports and exports. Find out how this affects you. Discover what happens when a dollar is strong compared to other currencies and what happens when it is weak.

Achieving Trade Balance: Trade Deficit and Surplus Examples

11. Achieving Trade Balance: Trade Deficit and Surplus Examples

Find out what trade balance, trade deficit, and trade surplus are. Learn about some recent examples that help clarify trade deficit and surplus. Explore what countries have a surplus and what countries have a deficit.

Balance of Payments: Current Account & Measuring Foreign Trade

12. Balance of Payments: Current Account & Measuring Foreign Trade

Find out what the current account is and the four main foreign trade components that it is comprised of. Similar to your bank account, learn how the current account is measured and what a deficit and surplus mean when talking about this economic indicator.

Balance of Payments with Financial Accounts: Measuring Foreign Trade

13. Balance of Payments with Financial Accounts: Measuring Foreign Trade

Learn about the balance of payments and the two key components that make it up. Discover what the financial/capital account is and how it relates to foreign trade and surpluses and deficits.

Government Corporation: Definition & Example

14. Government Corporation: Definition & Example

Government corporations have the independence of a private businesses but they are owned, sponsored or acquired by the government. We'll look at different examples in this lesson and show how they play a major part in our society.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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