Economics – 4/25/2016

I.  Bellwork:

  1. Explain the meaning of the quote by Johann Joachim?
  2. Explain what a protectionist would favor and why?
  3. What was the result of the Hawley-Smoot Act? (14)
  4. Would you consider yourself a protectionist or free-trader? Why?

II.  Objective

  • Explain key principles which are involved in international trade and the impact of globalization.
  • Using a secondary source document discuss the argument for protectionism and free trade and explain their arguments.
  • Construct a thinking map identifying and explaining trade restrictions

III.   Discuss 16-2 Barriers to International Trade: pgs. 447-454

IV.  Classwork

A.  Questions

  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
  1. What is the WTO and what does it do?
  2. What is NAFTA and who does it involve?

B.  Page 447 Content Vocabulary  (11)


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