The World Economy Impact On An Individual Country's Economy

Name Instructor Course Date Economy S6: Globalization and Interdependence Essential Question:How does the world economy impact an individual country’s economy? Task:For your final assessment, you will focus on building the skill of creating an original argument that answers the essential question and supporting your argument with relevant evidence. You will build this skill by sueing one country for its actions against another country. F6: Create a Research Plan As a new lawyer, you need to ground yourself in research to provide the best defense for your client. You need to create a research plan, so you have an organized way of approaching your research so that it does not become overwhelming when you start. Choose your country: Many countries have experienced negative economic consequences because they exist in a globalized world. Each country comes to the table with different strengths and weaknesses, and not all countries are equally powerful or capable of creating a strong economy. 1 Mexico and its experience with NAFTA starting in 1994 2 Iran and its experience with sanctions from the U.S. during the 2000s 3 Jamaica and its IMF debt 4 Greece and the European Union starting in 2007-08 5 OPEC’s trade embargo on the United States in the 1970s 6 Haiti and paying its debt to France starting in 1825 OPEC’s trade embargo on the United States in the 1970s 1 Determine which 3 economic performance indicators you need data on to give you an idea of what your country’s economy looks like. Explain why you need this specific information. Economic Performance Indicator Your Explanation Unemployment Rate Unemployment rate affects a countries per capita income. The information helps in determining the rate of dependency ratio as most businesses will be closed and the government will increase its aid and debt level. Currency Strength The strength of the currency affects the selling and purchasing power of a nation, specifically the balance of trade. A nation with a weak currency will sell its products at lower prices and purchase at higher prices. Interest Rates The level of interest rates affects borrowing power. A country with high interest rates will make its banks and other financial institutions to obtain money at high interest rates. Similarly, they will lend borrowers at higher rates to compensate the rates that they were charged. 1 Identify 5 questions you need answered about your country’s experience listed above. Explain why you need the answer to each question. Question Explanation What was the inflation rate? To determine the impact of the slack on general prices of other commodities. How were people’s living standards affected? To find out whether people were directly affected by the problem. What measures did the government use to control the problem? To evaluate the method used by the government to end the challenge such as fiscal and monetary policies How did the problem affect consumers’ confidence? To establish how the problem affected the way in which people conduct their activities such as waking up early to avoid traffic. How did the problem affect local producers? To determine whether local output declined or improved. F6: Rubric Below Expectations Approaching Expectations Meeting Expectations Exemplifying Expectations Knowledge and Understanding KU.001 KU.002 Student does not demonstrate comprehension of economic concepts because explanations are not clear and/or relevant, and/or explanations are not in their own words. Student attempts to demonstrate comprehension of economic concepts but some explanations are not clear and/or relevant, and/or some explanations are not in their own words. Student demonstrates comprehension of economic concepts by providing clear and relevant explanations in their own words. Student demonstrates comprehension of economic concepts by providing clear and relevant explanations in their own words, by using this skill beyond the requirements of the assignment. Teacher Feedback: Below Expectations Approaching Expectations Meeting Expectations Exemplifying Expectations Student does not create an organized research plan and/or research plan will not allow for relevant research. Student attempts to create a research plan, but it is not always clearly organized, and/or it does not always allow for relevant research. Student creates a research plan that is clearly organized and will allow for relevant research. Student creates a research plan that is clearly organized and will allow for relevant research, by using this skill beyond the requirements of the assignment. Teacher Feedback: F6: Research and Analysis It’s time to research the economic performance indicators and the answers to your list of questions. You can use the following websites to help you research, just make sure you cite all of your sources in MLA format. You will fill out the table with your research, but you must explain the research you find in your own words. Then, there is a box provided for your source citations. * CIA World Factbook * Council on Foreign Relations * NY Times * Reuters * World Bank * The Balance Identify what you are researching Copy and paste your research, then explain your research in your own words (Economic Performance Indicator #) Unemployment Rate: I will look at the specific courses of unemployment during the time. Also, how the rate improved and what measures that the government applied to curb the challenge. Finally, I will compare the unemployment rate in the nation with that of other countries globally. (Economic Performance Indicator #2) Currency Strength: I will compare the strength of the US currency as compared to other nations during the time. To add, I will study how the change in the strength of the exchange rate affected exports and imports (Files.Ethz.Ch). Lastly, I will research on the various strategies that were taken by various bodies and the government to improve the strength of the nation’s currency. (Economic Performance Indicator #3) Interest Rates: I will look at the rates at which financial institutions lend money to borrowers and compare it with the previous rates. Also, I will study the effects of the rise in the exchange rates to the borrowers. Finally, I will compare the US lending rates to those of other countries including the range at which it increased to determine whether the country was affected than the other nations globally. (Research Question #1) To what level did the rate of unemployment decline? To answer the question. I will research on the statistical rates of unemployment before the crisis and compare them with the rates after the crisis to determine the extent with which the level of unemployment changed. (Research Question #2) How the reduction in unemployment rates did affect people’s living standards? How will study the various challenges that people faced due to the crisis. For instance, reduction in income per capita, how people changed their lifestyle to avoid the long traffic, and how they changed their budget to meet their daily needs. (Research Question #3) What did the government do to reduce the inflation rates? I will investigate the various measures that the government took to control the general prices in the economy such both monetary and fiscal measures. (Research Question #4) How were businesses affected by the increase in interest rates? I will determine...