Standard 5: Trade
Grade 8 Benchmarks

1. When people buy something, they value it more than it costs them; when people sell something, they value it less than the payment they receive.

2. Free trade increases worldwide material standards of living.

4. Despite the mutual benefits from trade among people in different countries, many nations employ trade barriers to restrict free trade for national defense reasons, to protect key industries, or because some companies and workers are hurt by free trade.

5. Imports are foreign goods and services that are purchased from sellers in other nations.

6. Exports are domestic goods and services that are sold to buyers in other nations.

7. Voluntary exchange among people or organizations gives people a broader range of choices in buying goods and services.

Grade 12 Benchmark

2. When imports are restricted by public policies, consumers pay higher prices and job opportunities and profits in exporting firms may decrease.

• How Trade Helps Each Side Video
• Does International Trade Create Winners and Losers? (Page One Economics®)