Economics – 4/25/2016

I.  Bellwork:

• Trading Blocks Primary and Secondary Sources Workbook –Separate sheet 1-4 Q&A

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

• Types of trade restrictions? (Brace Map)
• Free Trade vs. Protectionism

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

5. What is the WTO and what does it do?
6. What is NAFTA and who does it involve?

B.  Page 447 Content Vocabulary  (11)

Economics W2016