Standard 12.6

12.6 Students analyze issues of international trade and explain how the U.S. economy affects, and is affected by, economic forces beyond its borders:

Section 1. Identify the gains in consumption and production efficiency from trade, with emphasis on the main products and changing geographic patterns of twentieth-century trade among countries in the Western Hemisphere.

Section 2. Compare the reasons for and the effects of trade restrictions during the Great Depression compared with the present-day arguments among labor, business, and political leaders over the effects of free trade on the economic and social interests of various groups of Americans.

Section 3. Understand the changing role of international political borders and territorial sovereignty in a global economy.

Section 4. Explain foreign exchange, the manner in which exchange rates are determined, and the effects of the dollar’s gaining (or losing) value relative to other currencies.