Understand the fundamental concepts and interrelationships of the United States economy in the international marketplace.
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Demonstrate the impact of inflation on world economies.
Examine absolute and comparative advantage, and explain why most trade occurs because of comparative advantage.
Discuss the effect of barriers to trade and why nations sometimes erect barriers to trade or establish free trade zones.
Assess the economic impact of negative and positive externalities on the international environment.
Compare the current United States economy with other developed and developing nations.