Title: Demonstrate knowledge of the global economy.
Course: Economics and Personal Finance (19262-I) > Section: Demonstrating Knowledge of a Nation's Economic Goals

Demonstration should include

- explaining that when parties trade voluntarily, all benefit
- distinguishing between absolute and comparative advantage
- distinguishing between trade deficit and trade surplus
- explaining exchange rates and the impact of a strong dollar and weak dollar on economic decisions
- describing the costs and benefits of trade barriers
- describing the effects of international trade agreements and the World Trade Organization
- explaining growing economic interdependence
- describing the difference between an emerging economy and a developed economy.