Week 1: Economic Interdependence

Day 1: Globalization and Interdependence

Define economic interdependence and its relationship to trade
Explore the concept of globalization
Discuss the importance of trade for a nation's survival
Analyze the impact of globalization on various aspects of the economy

Notes flashcards activity

Day 2: Trade and Interdependence

Examine the role of developing nations in the global economy
Discuss the responsibilities of developed nations in assisting weaker economies
Explore concepts of absolute and comparative advantage
Analyze the effects of trade barriers and tariffs

Notes flashcards

Day 3: Economics and Isolation

Analyze how countries depend on each other for economic prosperity
Explore the consequences of economic isolation
Discuss the concept of economic sustainability in a globalized world
Examine case studies of countries with limited international trade

Notes flashcards Activity

Day 4: North Carolina in the US and World Economy

Analyze North Carolina's role in the US and global economy
Examine North Carolina's major exports and imports
Discuss how global trade benefits North Carolina's economy
Explore the impact of international trade on North Carolina's job market

Notes flashcards Activity

Day 5: NC Economy Case Study

Examine the historical importance of tobacco farming in North Carolina
Discuss the decline of the tobacco industry and its economic impact
Explore the potential of hemp as an alternative crop for North Carolina farmers
Analyze the economic implications of shifting from tobacco to hemp production

Notes flashcards Unit 4 Study Guide

Key Concepts

Economic interdependence
Globalization
International trade
Comparative and absolute advantage
Trade barriers and tariffs
Economic isolation
State and global economies

Learning Objectives

Understand the concept of economic interdependence and its impact on global trade
Analyze the role of developing and developed nations in the global economy
Evaluate the consequences of economic isolation versus participation in global trade
Examine how North Carolina contributes to and benefits from the US and world economy
Analyze the economic impact of shifting agricultural practices in North Carolina