Specialization and Trade: Crash Course Economics Video Analysis with Key- This is a 10 page document that contains a video analysis assignment and a completed teachers key for easy marking. It contains 25 questions based on The Crash Course Economics video: Specialization and Trade.
This assignment will ask students to go to YouTube and watch the Crash Course video: Specialization and Trade. The video will first introduce students to Adam Smith and his theory behind specialization. Students will look at a scenario (pizza parlor) which illustrates why specialization is important- you don't need to be skilled at every task in order to earn a living, just a specific task you are good at. Specialization in a single task is shown to be efficient and beneficial for all of those involved in an economy. Following specialization, the video looks at trade- something that Adam Smith thought made people even better off than specialization. The Production Possibilities Frontier is examined and students will study a graph which shows why it would be more efficient for the U.S. to trade planes to China for shoes and vice versa. The opportunity cost for both nations is examined and students will learn why it is a good deal for both. The negatives of international trade are also covered, such as child labor and poor working conditions. The video concludes with a review of Adam Smiths philosophy.
This video analysis can be easily used as an introduction to the topic, a study guide, or a quick and easy sub plan. Students love the independence of this assignment by getting to use laptops, Chromebooks, or even their own cellphones to watch the video. Crash Course videos tend to move fast so students often find success if they watch the video through once before going back to pause/play to find the answers to all of the questions.