Observatory Of Economic Complexity 37116

Economics- Visualizing Globalization

Rationale: 

In order to fully grasp the complexity of our highly-integrated globalized economy we will be researching and analyzing basic and advanced economic concepts such as Gross Domestic Product and the flow of goods and services. In addition to defining and identifying essential unit topics, we will further our comprehension by analyzing economic complexity visuals via MIT’s Observatory of Economic Complexity.

21st Century Skills Objectives:   

Critical Thinking & Problem Solvingo Cross-referencing information and concepts from numerous sources to enrich global economic awareness and to promote rigorous intellectual dispositions. Accessing & Analyzing Informationo Interpreting and forming relationships based on economic resources and geopolitical determinants. Curiosity & Imaginationo Recognizing our role as consumers of goods and services of a global marketplace.

Step 1: Use quality sources and “Boolean” search phrases to answer the following questions. 

Define “Macroeconomics” o



What type of information is studied in Macroeconomics?



Define and explain Gross Domestic Product. o

Step 2: Google search, “The Goodness of Nations” and access the link. Analyze the chart with your partner. 

For “Health & Wellbeing,” what are the top two countries?

o o 

Identify the two bottom countries? o o

Step 3: In Google, conduct a search and navigate to “MIT Observatory of Economic Complexity” on the top toolbar click “Atlas” then access the PDF titled: “Part 1: Why, What and How & Rankings.” 

With your partner, read pages 6-8. Select 3 quotes from the introduction that you believe best summarize their motivation behind creating this website. o o o



Next, scroll to page 25 and analyze the table titled: “Information Box 2.2: The World’s Most and Least Complex Products. o What distinctions do the authors make between the most and least complex products? o List the top 3 most complex products. o Arrange the 3 least complex products in a list.

Step 3: Navigate back to the home page and click “EXPLORE” on the top toolbar. Spend a couple minutes searching through the information (I know, it’s a lot to handle). 

From the “ORIGIN” dropdown menu, select the United States then click the blue box titled “Build Visualization.” o Outline the top 3 exports from the United States?  



o Locate the top 3 export destinations from the United States? Include the percentages.    o Identify the top 3 imports to the United States?

o Geographically, distinguish the origins of the top 3 imports to the United States? Include the percentages.

Step 4: On the side toolbar, click GEO MAP and select EXPORTS/IMPORTS. Select two products from the dropdown menu. 

Which two countries are the largest exporters of each product? o o



Which two countries are the largest importers of each product? o o

Step 5: Choose one of the most complex products (according to the website) that you use on a daily basis. Next, your task is to produce a brief narrative (6-8 sentences) that illustrates your complexity as a consumer in the 21st century. Please utilize key and concepts that were explored in this activity.