Virginia and the United States in the Global Economy: Exploring International Trade and Technological Innovation

Virginia and the United States in the Global Economy: Exploring International Trade and Technological Innovation
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This article delves into the reasons why Virginia and the United States engage in international trade and the impact of technological innovation on global trade practices

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Slide1Virginia and the U.S. in theGlobal Economy CE.12d

Slide2Questions Why do Virginia and the United States trade with other nations?  What is the impact of technological innovation on world trade?

Slide3International Trade Virginia and the United States pursue international trade in order to increase wealth.

Slide4Virginia and the U.S. in theGlobal Economy  Virginia and the United States pursue international trade in order to increase wealth.

Slide5Virginia and the U.S. in theGlobal Economy Terms to know  global economy: Worldwide markets in which the buying and selling of goods and services by all nations takes place  Virginia and the United States specialize in the production of certain goods and services, which promotes efficiency and growth.

Slide6Virginia and the U.S. in theGlobal Economy Reasons that states and nations trade  To obtain goods and services they cannot produce or cannot produce efficiently themselves  To buy goods and services at a lower cost or a lower opportunity cost

Slide7Virginia and the U.S. in theGlobal Economy  To sell goods and services to other countries  To create jobs

Slide8TechnologyImpact of technological innovations  Innovations in technology (e.g., the Internet) contribute to the global flow of information, capital, goods, and services.  The use of such technology also lowers the cost of production

Slide9Review Examine the relationship of Virginia and the United States to the global economy.

Slide10Vocabulary