Demonstration should include
- explaining that when parties trade voluntarily, all benefit
- distinguishing between absolute and comparative advantage
- distinguishing between trade deficit and trade surplus
- explaining exchange rates and the impact of a strong dollar and weak dollar on economic decisions
- describing the costs and benefits of trade barriers
- describing the effects of international trade agreements and the World Trade Organization
- explaining growing economic interdependence
- describing the difference between an emerging economy and a developed economy.