Instructor Manual For: Carbaugh, International Economics, 19e, 2026, 9798214041605; Chapter 1: The International Economy and Globalization
Instructor Manual For Carbaugh, International Economics, 19e, 2026, 9798214041605; Chapter 1: The International Economy and Globalization
TABLE OF CONTENTS Purpose and Perspective of the Chapter ................................................................................................... 1 Chapter Objectives ..................................................................................................................................... 1 Complete List of Chapter Activities and Assessments............................................................................. 2 Key Terms.................................................................................................................................................... 2 Chapter Outline .......................................................................................................................................... 3
PURPOSE AND PERSPECTIVE OF THE CHAPTER The purpose of this chapter is to introduce students to the international economy and globalization. First, we emphasize the high degree of economic interdependence that characterizes today’s economies. Next, we discuss the United States as an open economy; globalization as a process of greater interdependence among countries and their citizens; and the nature of international competitiveness—for firms, industries, and nations. Finally, we look at the potential effects that international trade has on workers, and conclude with a summary of the advantages and disadvantages of globalization.
CHAPTER OBJECTIVES The following objectives are addressed in this chapter: 1.1
Explain economic interdependence from an economic and political perspective.
1.2
Describe the defining characteristics of each wave of globalization since 1870.
1.3
Describe the United States as a global economy.
1.4
List some of the fallacies of international trade.
1.5
Describe the positive and negative effects that international trade may have on domestic workers.
1.6
Explain why some economists conclude that globalization has gone too far.
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