Start your students off right by building their comprehension of trade and the balance of payments with this engaging and multi-faceted activity!
This activity includes:
1) This "Trade: Balance of Payments" Activity includes 4 parts. It begins with a graphic organizer that asks your students to define an open and closed economy, as well as a nation's balance of payments. It then asks them to define the categories that make up a nation's current and capital account balances. Next, students will do some graph-based assessment for open and closed economies, including the effect of world prices and tariffs on the quantity of goods and services demanded and supplied in the domestic economy. Next, students will be asked to classify a collection of trade transactions into either the current or capital account, identify the component it belongs to, and then indicate whether each transaction counts as a negative or positive towards the nation's trade balance. Lastly, students will use another set of transactions to calculate the balance of a nation's current and capital account, and ultimately, the nation's trade balance.
This activity can be used in many different ways in the classroom. Students can work independently, in pairs, or this activity can be used as a jigsaw in order to facilitate a class-wide discussion about the topics discussed in the activity.
2) A detailed answer key to the lesson activity to save you time and help guide student comprehension.
This activity can also be found in a bundle paired with a PowerPoint, Keynote and PDF version of a fully customizable lecture found here:
Trade: Balance of Payments Bundle
If you like this activity, check out our Unit Activity Bundle that includes activities for all of the objectives in this unit.
The Open Global Economy Unit Activity Bundle
Best of all, this activity aligns to our "Unit 5.1 - The Balance of Payments" video lecture, which can be found here:
Unit 5.1 - The Balance of Payments
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