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Lesson Plan: International Economic Relations Economics

This lesson plan includes the objectives, prerequisites, and exclusions of the lesson teaching students how to identify the characteristics of international economic relations and the components of a country’s balance of payment accounts.

Objectives

Students will be able to

  • understand the following characteristics of international economic relations: political borders, differences in currencies, differences in languages, customs, values, and transportation costs,
  • understand the definition and role of a country’s balance of payments,
  • understand that a country’s balance of payments is divided into current account and capital account,
  • understand that a country’s balance of payment current account includes the trade in goods and the trade in services,
  • understand that a country’s balance of payment capital account includes capital transfers between countries: short-term, medium-term, and long-term loans and international aid for development.

Prerequisites

Students should already be familiar with

  • the stock market and banks,
  • public finance.

Exclusions

Students will not cover

  • factor endowments,
  • balance of payments on the financial account,
  • balance of payments on net errors and omissions,
  • globalization,
  • comparing the balance of payment accounts in different countries.

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