The success of an economy in effectively employing the fourfactors of production determines how well that economy performs relative to its potential and relative to other economies.

Address the following:

• Evaluate non-monetary benefits that open trade has contributed to the world since the end of World War II.
• Provide at least 2 examples of the above benefits and explain why you believe each is important.
• Analyze how changes to U.S. trade and tariff policies affected U.S. trade with other nations.