Economics – 1/24/2017
I. Bellwork
A. Questions & Answers – Section 16-2
- List 5 ways trade can be restricted. 16-2
- List and explain 6 reasons why countries restrict trade. 16-2
- Distinguish between a protective and revenue tariff. 16-2
- What was the Smoot-Hawley Act and explain its impact? 16-2
II. Objectives:
- Interpret charts, graphs, and other economic models in order to review for the Final Exam.
- Discuss economic terminology and economic concepts and their application in the world.
III. Turn in Your Books today or receive a $100 delinquency’
IV What to study:
- Final Exam Review Sheet
- Economics – Post Test
- Today’s classwork
IV. Classwork
A. Page 444 – Gains from Trade- Understand the Graph
- How much of each product would each country produce before specialization?
- How much of each product would each country produce after specialization?
- Determine the net effect of specialization.
V. Short Answer/Essay Review: Final Exam Questions (20 points)
VI. Problem: (20 Points) – Create and label graph – identify surplus, shortage & equilibrium
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