APMacro: IES Advisor Teams

 


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You and your team represent a group of economic advisors assigned to a country with the objective of improving the standard of living for the inhabitants of your country. You can impact your country’s standard of living through economic development and international trade. Your role as an economic advisor requires you to evaluate the strengths and weaknesses of your country and develop specific goals for improving the standard of living. Your team and the rest of the world’s economic advisors will meet in the international marketplace to trade the goods and services needed to achieve your goals. Global competition for scarce resources will complicate your efforts; but careful planning and trade negotiations will improve your chances of success.

Over the course of the next few days, you must become knowledgeable about economic, political, and social situations within your country. You must also develop skill in applying economic concepts to develop a strategic plan for improving the standard of living for the inhabitants of your country. You will be given a list of exports specific to your country. You must determine the type of imports best suited to meeting your strategic goals. In addition, you may also initiate long term development projects within your country.

Material-World-Peter Menzel
Each country at the Summit is classified into one of three categories: Division 1, Division 2, or Division 3 countries. The basis for this classification system is gross domestic product (GDP) per capita. Each category has its own set of characteristics in the areas of currency, export total, cash endowment, and foreign aid.

Division 1 Country
The Division 1 Countries category represents those countries that have the highest standards of living. In your research, you may have come across different names for this group of countries, such as industrialized or developed countries. The Division 1 Countries currency is called the WELCO. The WELCO is the basic unit of value and is the most valuable currency at the Summit. Division 1 Countries have the largest number of exports, cash endowments, and give foreign aid cash to Division 3 Countries.

Division 2 Country
The Division 2 Countries category contains those countries that have fairly decent living standards, but clearly are not as advanced as the Division 1 Countries. In your research, you may come across names such as developing or emerging market economies that describe this category. Division 2 Countries use a currency called the DEVCO. The DEVCO is worth half as much as the WELCO. Division 2 Countries have fewer exports and less cash than Division 1 Countries.

Division 3 Country
The Division 3 Countries category contains those countries that are very poor and have the lowest standard of living on the planet. In your research, you may have come across names such as less developed or underdeveloped to describe this category of countries. Division 3 Countries use a currency called the LESCO. The LESCO is worth half as much as the DEVCO. Division 2 Countries have the fewest exports and the least amount of cash of any of the three categories. Division 3 Countries have foreign aid vouchers that can be exchanged for cash.


Homework:
1) Fact Sheet page 7 #1-18

 

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Gov: Chapter Review



Chapters 11 and 12 review.

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