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

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

IV,  Absolute & Comparative Advantage Quiz

V.  Classwork

A.  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. Distinguish between a protectionist and a free trader.
5. 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?

 

 

Economics W2017