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Unit 27

This document provides an overview of international trade and discusses key concepts related to child labor, free trade, protectionism, and economic development. It examines Chang's analogy between child labor and free trade, noting that developing countries must invest in more difficult but higher-returning industries through protective policies that initially make local consumers use more expensive domestic products. Key terms defined include labor market, street hawker, danger/risk. Post-reading exercises involve completing sentences using vocabulary words like protectionism, high-return, physicist, inefficient, stimulate, expose, and analogy.

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Phi Phong Long
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867 views2 pages

Unit 27

This document provides an overview of international trade and discusses key concepts related to child labor, free trade, protectionism, and economic development. It examines Chang's analogy between child labor and free trade, noting that developing countries must invest in more difficult but higher-returning industries through protective policies that initially make local consumers use more expensive domestic products. Key terms defined include labor market, street hawker, danger/risk. Post-reading exercises involve completing sentences using vocabulary words like protectionism, high-return, physicist, inefficient, stimulate, expose, and analogy.

Uploaded by

Phi Phong Long
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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UNIT 27: INTERNATIONAL TRADE

Read the text on page 133 and do the following exercises:


Answer the following questions

Explain in detail the analogy Chang makes between child labour and free trade (or
between education and protectionism)
The analogy is: When you are trying to get into a more difficult and thereby
higher-return activity, developing countries have to invest in it.

What is the short-disadvantage of protecting growing industries?


The investment comes in the form of protection, which makes for the moment,
your local consumer use expensive and inferior domestic products.

What does each of the underlined part refer to?

“This little guy is perfectly capable of making a living” (Paragraph 1)


THE YOUNG
SON …………………………………………………………………...........................
“Well, of course I don’t do this.”
SEND HIS SON TO THE LABOUR
MARKET…………………………...........................

Ø Words and expressions: Find words in the text with the following meanings

1/ the supply of people in a particular country or area who are able and willing to
work LABOUR MARKET
2/ a person who travels about selling goods, typically advertising them by shouting A
STREET HAWKER
3/ the possibility of something bad happening DANGER / RISK
POST READING TASKS

VOCABULARY REVIEW

Complete the sentences with one of the words in the following box
protectionism high-return physicist
inefficient
stimulate analogy inferior
expose

1. While there are several investment plans, one can choose ..HIGH-RETURN..........
investment options if they are willing to take risks.

2. You might call something .......INFERIOR.................... if its quality is not as good


as another.

3. .........INEFFICIENT.................... management may come from the leader’s


individual personality.

4. A raise in employee wages can ...........STIMULATE................ production

5. Isaac Newton (1643-1727) was a great .............PHYSICIST.............. who outlined


the principle of gravity.

6. There will be a lot of competitive and strong companies coming here and even
though Kosovo is a small company, one of our main interest is
to ..........EXPOSE............ it to the world market.

7. Australia’s Treasurer, Wayne Swan, used the ......ANALOGY................ of


Hurricane Katrina to convince his audience that through crisis came a better
understanding of underlying weaknesses in a system.

8. Trade .....PROTECTIONISM....................... is how countries raise tariffs and


reduce imports to protect their domestic industries

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