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 declin...