Economics – 1/15/15

 I.  Bellwork

• Describe the symbolism in the cartoon.
• Explain what is the author’s message.

II.  Objective:

• Explain key principles which are involved in international trade and the impact of globalization.
• Determine the central ideas or information of a primary or secondary source; provide an accurate summary that makes clear the relationships among the key details and ideas.

III. Discussion Topics

A.  The Value of a Dollar (Exchange Rates) and Trade

•  Exchange Rates 3m

 

	How is it created?	Impact on Imports	Impact on Exports	Impact on the Balance of Trade
Strong Dollar
Weak Dollar

B   Globalization easily explained

 IV.  Classwork (Questions & Answers)

1.  List 5 ways trade can be restricted. 16-2
2. List and explain 6 reasons why countries restrict trade. 16-2
3. Distinguish between a protective and revenue tariff. 16-2
4. What was the Smoot-Hawley Act and explain its impact? 16-2
5. What is the WTO, what does it do, and who does it involve? 16-2
6. What is NAFTA, what does it do, and who does it involve? 16-2
7. Using a Sequence Map – List and explain the 5 stages of Economic Development. 17-1
8. Using a Brace Map – List and explain the 8 obstacles to economic growth impacting developing nations. 17-1
9. Using a Tree Map – List and explain the factors which influence growth in developing countries. 17-2
10. Explain globalization in terms of economics. What are some benefits of globalization? What are some problems related to globalization? 18-1

Economics F2014