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Topic: International trade 

Business Education

 Standard 12.   Uses common international standards of measurement to solve business problems
  Level IV (Grade 9-12)
   Benchmark 1.Access and uses information on exchange rates (e.g., makes conversions between United States dollar and foreign currency)
    Knowledge/skill statements
     1.Access information on exchange rates
     2.Uses information on exchange rates
     3.Knows how to make conversions between the United States dollar and foreign currency
   Benchmark 2.Makes conversions between standard units of measurement and metric units
    Knowledge/skill statements
     1.Understands standard units of measurement
     2.Understands metric units of measurement
     3.Understands how to make conversions between standard units of measurement and metric units
 Standard 17.  Understands that cultural difference, export/import opportunities, and current trends in a global marketplace can affect an entrepreneurial venture
  Level IV (Grade 9-12)
   Benchmark 2.Knows ways businesses can take part in international trade (e.g., manufacturers can build cost-saving factories in other countries; retailers may buy imported products to sell in the domestic market; consultants can travel to other countries to uses their expertise)
    Knowledge/skill statements
     1.Knows ways business can be involved in international trade
     2.Knows manufacturers can build cost-saving factories in other countries
     3.Knows retailers may buy imported products to sell in the domestic market
     4.Knows consultants can travel to other countries to use their expertise
   Benchmark 3.Knows some reasons entrepreneurs would want to trade with other countries (e.g., prices of goods may be lower in other countries, competition in other countries may not be as intense, profit margins may be higher in other countries)
    Knowledge/skill statements
     1.Knows some reasons why entrepreneurs would want to trade with other countries
     2.Knows prices of goods may be lower in other countries
     3.Knows competition in other countries may not be as intense
     4.Knows profit margins may be higher in other countries
 Standard 31.  Understands significant aspects of international business and trade and the opportunities they creates at the local, state, national, and international level
  Level IV (Grade 9-12)
   Benchmark 2.Knows ways in which participation in international trade affects a country’s economic potential to improve its quality of life
    Knowledge/skill statements
     1.Knows ways a country’s economic potential to improve it’s quality of life is affected by participation in international trade
   Benchmark 4.Knows regions that are significant to international trade (e.g., European Community, Middle East, Pacific Rim, South and Central America, United States, Canada, Mexico, Commonwealth of Independent States)
    Knowledge/skill statements
     1.Knows regions significant to international trade
     2.Knows that the European Community is significant to international trade
     3.Knows that the Middle East is significant to international trade
     4.Knows that the United States is significant to international trade
     5.Knows that Canada is significant to international trade
     6.Knows that Mexico is significant to international trade
     7.Knows that the Commonwealth of Independent States is significant to international trade
   Benchmark 5.Understands factors that influence the balance of international trade (e.g., different types of trade barriers, international trade agreements, positive and negative trade balances, the influence of trade sanctions)
    Knowledge/skill statements
     1.Understands factors that influence the balance of international trade
     2.Understands different types of trade barriers
     3.Understands international trade agreements
     4.Understands positive trade balances
     5.Understands negative trade balances
     6.Understands the influence of trade sanctions
   Benchmark 7.Understands the role of risk management in international business (e.g., types of risks; ways to protect against trade risks)
    Knowledge/skill statements
     1.Understands the role of risk management in international business
     2.Understands types of risks in international business

Economics

 Standard 10.  Understands basic concepts about international economics
  Level III (Grade 6-8)
   Benchmark 3.Understands that international trade promotes greater specialization, which increases total world output, and increases material standards of living
    Knowledge/skill statements
     1.Understands that international trade promotes greater specialization
     3.Understands how international trade and specialization affect material standards of living
     4.Knows the meaning of "total world output"
     5.Understands the meaning of "material standard of living"
   Benchmark 5.Understands that extensive international trade requires an organized system for exchanging money between nations (i.e., a foreign exchange market)
    Knowledge/skill statements
     1.Knows the meaning of "foreign exchange market"
     2.Understands that extensive international trade requires a foreign exchange market
   Benchmark 6.Knows that despite the advantages of international trade (e.g., broader range of choices in buying goods and services), many nations restrict the free flow of goods and services through a variety of devices known as "barriers to trade" (e.g., tariffs, quotas) for national defense reasons or because some companies and workers are hurt by free trade
    Knowledge/skill statements
     1.Knows that there are advantages to international trade
     2.Knows that one advantage of international trade is that it offers a broader range of choice in buying goods and services
     3.Knows that nations can restrict the free flow of goods and services
     4.Knows that there are a variety of ways in which nations can restrict the free flow of goods and services
     5.Knows what "barriers of trade" are
     6.Knows that tariffs are an example of a "barrier of trade"
     7.Knows that quotas are an example of a "barrier of trade"
     8.Knows that nations may restrict the free flow of goods and services for national defense reasons
     9.Knows that nations may restrict the free flow of goods and services because some companies and workers are hurt by free trade
  Level IV (Grade 9-12)
   Benchmark 1.Understands that trade between nations would not occur if nations had the same kinds of productive resources and could produce all goods and services at the same real costs
    Knowledge/skill statements
     3.Knows that nations trade because it is necessary
   Benchmark 2.Knows that a nation has an absolute advantage if it can produce more of a product with the same amount of resources than another nation, and it has a comparative advantage when it can produce a product at a lower opportunity cost than another nation
    Knowledge/skill statements
     1.Knows when a nation has an absolute advantage
     2.Knows the meaning of absolute advantage
     3.Knows the meaning of comparative advantage
     4.Knows when a nation has a comparative advantage
   Benchmark 3.Knows that comparative advantages change over time because of changes in resource prices and events that occur in other nations
    Knowledge/skill statements
     1.Knows that comparative advantages change over time
     2.Knows that comparative advantages change because of changes in resource prices
     3.Knows that comparative advantages change because of events in other nations
   Benchmark 4.Understands that a change in exchange rates changes the relative price of goods and services traded by the two countries and can have a significant effect on the flow of trade between nations and on a nation’s domestic economy
    Knowledge/skill statements
     1.Understands the effect of a change in the exchange rate on the relative price of goods and services between two countries
     2.Understands the effect of a change in the exchange rate on the flow of trade between nations
   Benchmark 6.Understands that public policies affecting foreign trade impose costs and benefits on different groups of people (e.g., consumers may pay higher prices, profits in exporting firms may decrease), and that decisions on these policies reflect economic and political interests and forces
    Knowledge/skill statements
     1.Understands that public policies affecting foreign trade impose costs on different groups of people
     2.Understands that public policies affecting foreign trade impose benefits on different groups of people
     3.Knows that consumers paying higher prices is an example of a cost imposed on a group of people by public policies affecting foreign trade
     4.Knows that a loss of profit for export firms is an example of a cost imposed on a group of people by public policies affecting foreign trade
     5.Understands that decisions based on public policies affecting foreign trade reflect economic interests
     6.Understands that decisions based on public policies affecting foreign trade reflect economic forces
     7.Understands that decisions based on public policies affecting foreign trade reflect political interests
     8.Understands that decisions based on public policies affecting foreign trade reflect political forces