Economics – 4/28/17
I. Bellwork: Q&A
A. Describe the symbolism in the cartoon.
B. Explain the author’s message.
C. Explain how this cartoon relates to outsourcing and globalization.
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, Absolute & Comparative Advantage Quiz
V. Classwork
A. Trading Blocks Primary and Secondary Sources Workbook–Separate sheet 1-4 Q&A
- Explain the meaning of the quote by Johann Joachim?
- Explain what a protectionist would favor and why?
- What was the result of the Hawley-Smoot Act? (14)
- Distinguish between a protectionist and a free trader.
- Would you consider yourself a protectionist or free-trader? Why?
B, Questions
6. List 5 ways trade can be restricted. 16-2
7. List and explain 6 reasons why countries restrict trade. 16-2
8. Distinguish between a protective and revenue tariff. 16-2
9. What was the Smoot-Hawley Act and explain its impact? 16-2
What is the WTO and what does it do?
What is NAFTA and who does it involve?
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