Comparison should include the definition of trade surplus and trade deficit in terms of the products and services imported and/or exported. Examples should include an analysis of how the United States trades with the following regions:
- Europe
- Asia
- Pacific Rim
- North America
- Latin America
- Africa
Process/Skill Questions:
- How does the balance of trade affect world trading partners?
- What are the products/services that other countries export to the United States? That the United States exports to other countries?
- How do businesses make trade decisions based on a country’s balance of trade?
- How does the balance of trade relate to a country’s economic stature?
- How could a country improve its balance of trade?
- What countries conduct the most trade with the United States?
- How have trade agreements with other countries affected the United States’ trade surplus or trade deficit?
Teacher Resource:
TradeStats Express – National and State Trade Data Report Index, International Trade Administration, U.S. Department of Commerce