Social Studies - 2019-20
WG.17 c - Mapping, Describing, and Evaluating Economic Unions
The student will apply social science skills to analyze the impact of globalization by
c) mapping, describing, and evaluating economic unions.
Theme: Globalization + Interdependence
How do people respond to the unequal distribution of resources?
Do the benefits of globalization and interdependence outweigh the cost?
UNDERSTANDING THE STANDARD
As a global society, the world is increasingly interdependent.
Economic interdependence fosters the
formation of economic unions.
Economic interdependence can be depicted through trade, resource, or transportation maps.
Examples of economic unions
- EU: European Union
- NAFTA: North American Free Trade Agreement
- ASEAN: Association of Southeast Asian Nations
- OPEC: Organization of the Petroleum Exporting Countries
Advantages of economic unions
- More efficient industries
- Access to larger markets
- Access to natural, human, and capital resources without restrictions
- Greater influence on the world market
Disadvantages of economic unions
- Closing of some industries
- Concentration of some industries in certain countries, leaving peripheral areas behind
- Difficulty in agreeing on common economic policies