If the nations of the world were to suddenly cut off all trade with one another, what products might you no longer be able to obtain in your country? How would this affect businesses and the economy?

How has living conditions improved in countries that barely traded in the 1950's and 1960's but are now open economies, such as South Korea, Singapore, and China? What happens in countries such as North Korea and Cuba in which trade is restricted? Use other examples to illustrate. Answer additional questions posted by peers or the instructor during the discussion.