Economics – 4/27/17

I.  Bellwork:  

	Country X	Country Y
Grapefruit	10/tons	15/tons
Olives	40/tons	30/tons

  Q&A Explain your answer and show/compare both mathematical relationships

1. Which country has the absolute advantage in producing grapefruit?
2. Which country has the absolute advantage in producing olives?
3. Which country has the comparative advantage in producing grapefruit?
4. Which country has the comparative advantage in producing olives?

II.  Objective:

• Construct a brace map to identify trade restrictions and determine the impact of trade policies on domestic economic activity and world trade.
• Compute absolute and comparative advantage based upon production data.
• Determine the meaning of words and phrases as they are used in a text

III.  Review 16-1

• Page 444 – Gains from Trade- Understand the Graph

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

• Why do countries restrict trade?
• Types of trade restrictions? (Brace Map)

V.  Classwork

• Page 447 Content Vocabulary  (11)

VI.  Absolute & Comparative Advantage Quiz

 

 

Economics W2017