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Transcript of International Trade
Involves the exchange of goods, services ideas between countries
Trade represents a significant share of a countries gross domestic product (GDP
International trade has increased because countries have focused on producing particular goods and services that they specialise in
What is trade?
Who do we trade with?
Examples of trade
What are some examples of things you trade or have traded in your every day life?
A comparative advantage means a country is able to produce something more cheaply or efficiently than other countries
Therefore trade is ideal when:
countries specialise in the production of things they have a comparative advantage in
countries export these items to other nations
countries import items that other countries have a competitive advantage in
An import is a good or service that Australia buys from another country
Australia trades to buy items we cannot produce competitively ourselves
Some examples of things we import are manufactured goods such as:
Computers and electricals
An export is a good or service Australia sells to another country.
Australia's export earnings were once based on our wool production
Australia's mineral exports are a strong component of our export earnings
The services Australia exports include:
to understand the nature trade
1. Describe trade and Australia's imports and exports
Who can tell me what trade is?
What have you seen or heard recently about Australia's trading activities with China?
Free Trade Agreement (FTA)
An FTA is an international treaty which removes barriers to trade and facilitates stronger trade and commercial ties, contributing to increased economic integration between participating countries. FTAs can cover entire regions with multiple participants or link just two economies.s
The big issue
During the topic of trade we will be using the very recent FTA with China as a case study.
Throughout the topic you will be presented with information for and against the agreement.
Each lesson will still have an aim and objective, but there will be an over arching objective:
You must decide if you are for or against the FTA with China
This must be based on information and evidence learnt throughout the topic
Complete a See-Think-Wonder table for each video
There is a template on the portal