Every nation has a distribution of resources, capital, and labor that causes it to specialize in making some products and trading for others. As a nation trades, it constructs trade barriers or enters into trade agreements. The United States is a top importer and exporter and a member of major trade organizations. Trade agreements, foreign exchange markets, and multinational corporations are a few of the signs of globalization. Different levels of economic development in the world's nations influence how much they can compete in the global economy.
Why do nations trade?
What are the arguments for and against trade barriers and agreements?
How do exchange rates affect international trade?
How is a nation's level of development defined?
What factors harm or help development?
How has economic change affected different countries?
What are the effects of globalization?
Should free trade be encouraged?