Economics – 1/24/2017

I.  Bellwork

A.  Questions & Answers – Section 16-2

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

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

1. How much of each product would each country produce before specialization?
2. How much of each product would each country produce after specialization?
3. 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

Economics F2016