Ch 50: OAE Middle Grades Social Studies: International Economics

About This Chapter

Review or learn new facts about international trade and global economics. Our video lessons and quizzes focus on topics you can expect to be tested on when taking the Ohio Assessments for Educators (OAE) Middle Grades Social Studies exam.

OAE Middle Grades Social Studies: International Economics - Chapter Summary

You will have the opportunity to review such topics as trade regulations, exchange rate, international trade organizations and global trade economics using the lessons in this chapter. The lessons were designed to help you with the section of the OAE Middle Grades Social Studies exam that is devoted to questions about basic and international economics. A firm grasp of these concepts can help you answering questions related to:

  • Explaining the politics and economics of international trade
  • Comparing absolute and comparative advantages
  • Identifying the pros and cons of free trade
  • Providing details about trade protectionism
  • Describing forms of economic systems
  • Exploring exchange rates and how they work
  • Defining balance of payments in relation to foreign trade
  • Illustrating the role of trade organizations and trade agreements

The topics are explained using simple terms, definitions and examples to make learning these facts fun and interesting. The accompanying quizzes and timeline features are tools you can use to assess what you have learned, identify areas where you need further review and access specific parts of the videos covering material you need to re-address.

9 Lessons in Chapter 50: OAE Middle Grades Social Studies: International Economics
Test your knowledge with a 30-question chapter practice test
The Economics & Politics of International Trade

1. The Economics & Politics of International Trade

We will discuss the economics & politics of international trade through the definition of open trade and its benefits and drawbacks. In addition, the ideas of competitive advantage and political patience will be shown as key indicators of global success.

Differentiating between Comparative and Absolute Advantage

2. Differentiating between Comparative and Absolute Advantage

International trade is embraced by countries due to many benefits. In this lesson, we will discuss the differences between comparative and absolute advantage and the importance of specializing in production.

What is Free Trade? - Definition, Pros, Cons & Examples

3. What is Free Trade? - Definition, Pros, Cons & Examples

Is free trade a good thing? The issue of free trade has been a source of debate for centuries, and in this lesson, we will discuss the pros and cons of free trade that have led to this debate.

Advantages and Disadvantages of Trade Protectionism

4. Advantages and Disadvantages of Trade Protectionism

Countries want to win the game of international trade by exporting more than they import. Some countries pursue trade protectionism to do this. In this lesson, you'll learn about the advantages and disadvantages of this strategy and related concepts.

Economic Systems: Definition, Types & Examples

5. Economic Systems: Definition, Types & Examples

In this lesson, you'll learn about the three major forms of economic systems, including planned, market, and mixed market economies. You'll also explore the five factors of production and the roles they play in the exchange of products or services.

Exchange Rate: Determination and Conversion Across Countries

6. 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.

International Trade Regulations & Restrictions

7. International Trade Regulations & Restrictions

Importing and exporting are vital elements to a healthy U.S. economy. Businesses should be familiar with international laws regarding trade. This lesson defines imports and exports and discusses international trade regulations and restrictions.

Balance of Payments with Financial Accounts: Measuring Foreign Trade

8. 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.

International Trade Organizations and Trade Agreements

9. International Trade Organizations and Trade Agreements

International trade organizations and trade agreements have enormous power in the global trade environment. In this lesson, you will learn about the roles of the GATT, NAFTA, and the World Trade Organization.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
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Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
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Other Chapters

Other chapters within the Ohio Assessments for Educators - Middle Grades Social Studies (031): Practice & Study Guide course

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