Today we will learn about the balance of payments. You should have read the text chapter identified below in the homework section and watched the related videos. We will start class today with you working cooperatively with a partner to find a solution to the "Problem of the Day" and then there will be a lecture on our next topic. This page contains all the information you need for today's class: homework, the problem of the day, helpful resources (videos, podcasts, etc.) and an explanation of the activities we will do in class. Use the table of contents on the right to help you navigate.
Read McConnell and Brue (Chapter 36) and watch the following videos.
Problem of the Day: You will work cooperatively with your partner to construct a response to the following prompt.
Use a diagram to explain how a nation will benefit when it transitions from a closed economy to an open one and ends up importing goods.
Draw a second diagram to show how a country that ends up exporting goods benefits from free trade.
Lecture
Related Readings