This assignment is intended to help you learn to do the following:
- Summarize U.S. trade patterns.
- Explain how trade increases total output.
- Explain how the terms of trade are established.
- Describe how trade barriers affect market outcomes.
- Describe how currency exchange rates affect trade flows.
Review the section of your text that covers international trade. In addition, find and read two recent articles on international trade and U.S. trading partners. Write a 500-750 word (approximately 2 to 3 page) paper that addresses these questions:
- How has international trade changed over time?
- What are some of the trade agreements the US has with other countries? Do you feel they are beneficial to the countries?