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The Import Picture

The Import Picture. How Do Imports and Exports Effect Me?. Tee Up Interest 3min. Use Activity Sheet 1 to graph the shirts' countries of origin (they should be noted on the tag) Make any additional observations

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The Import Picture

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  1. The Import Picture How Do Imports and Exports Effect Me?

  2. Tee Up Interest3min • Use Activity Sheet 1 to graph the shirts' countries of origin • (they should be noted on the tag) • Make any additional observations • Ex: a shirt might be assembled in a country such as Mexico, but made from fibers grown and knit in the United States You will explore the import of all types of products into the United States, but will return specifically to textile imports later in the lesson.

  3. Access International Data • Research America's top trading partners • CIA World Factbook • http://www.cia.gov/library/publications/the-world-factbook • U.S. Census Bureau Foreign Trade Statistics • http://www.census.gov

  4. Find the Following5 min • Total value of U.S. imports for 2008 • Total value of U.S. exports for 2008 • Top five nations from which the U.S. imports goods • Top five nations to which the U.S. exports goods Based on your findings, identify America's top trading partners.

  5. Trade Agreements15 min Canada and Mexico are among the top trading partners for the United States, due in part to a trade agreement among the three nations that was passed by Congress in 1993. • Review KQED's YouDecide tool about of the North American Free Trade Agreement (NAFTA) http://www.kqed.org/w/youdecide/nafta/index.html Think you know where you stand on this issue? During the course of this activity, we will ask you three times: Is NAFTA good for Americans? Based on your responses, we will argue the opposite point of view.

  6. In Groups Discuss5 min • What was the agreement intended to accomplish? • What is the definition of "free trade"? • What did supporters say about the agreement? • What did critics have to say? • Fifteen years later, how has it affected the continent's economic standing in the world? Class Discussion • "Has NAFTA been good for Americans?"

  7. Striking a Balance • What is the meaning of the term "trade balance“?

  8. Striking a Balance • Net difference over a period of time between the value of a country's imports and exports of merchandise.

  9. Striking a Balance • Movable goods such as automobiles, foodstuffs, and apparel are included in the balance of trade; • Payments abroad for services and for tourism are not. • When a country exports more than it imports, it is said to have a favorable balance of trade; • When imports predominate the balance is called unfavorable.

  10. Striking a Balance The balance of trade should be viewed in the context of the country's entire international economic position. However, for example, a country may consistently have an unfavorable balance of trade that is offset by considerable exports of services; this country would be judged to have a good international economic position.

  11. Striking a Balance • More exports create a favorable or positive balance, while more imports tip the balance into unfavorable or negative territory. Craft a one-sentence statement that sums up America's balance of trade

  12. Connect Reasoning • What are some of the reasons for a trade imbalance? • Speculate about why you think the U.S. has such a trade imbalance? Think about the T-shirts you researched • Which of the reasons might apply to the textile industry?

  13. Next Class • Watch your podcast • Weighing the Costs • Calculating Exchange Rates • Working with a Budget • The Effects at Home

  14. HOMEWORK On class website haisbusinessclasses.weebly.com • Read Instant Expert Import Edition • Read How to Start an Import Business • Write a 1 page, 12 point font, 1-1/2 page essay . See next page for questions to answer.

  15. HOMEWORKDue Next Class • Answer the following questions in your essay • Identify a product you would import • Explain your reasoning. • (Remember your economics) • Identify benefits • Identify a disadvantage • Write a possible solution to above problem.

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