Objectives: 1. SWBAT identify the impact of geography and trade on Ancient Greece .
International Trade and Economic Development. Wednesday 6.1, International Trade and Economic...
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International Trade and Economic Development
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Wednesday 6.1, International Trade and Economic DevelopmentSWBAT apply concepts of supply, demand, trade, and comparative advantage to the economies of different countries.
Agenda1. Warm Up #52. Notes: International Trade
and Economic Development
3. Work on final project in groups
Homework• Notebook Check #4
Thursday-Friday!!!• Final Projects due June 9
and June 10 and June 13-14
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Warm Up #5
1. Look at the tags on your clothes. Where were they made?
2. Do you think every country gets a fair deal when they trade? Explain.
3. How does specialization apply to whole countries, not just individual firms? (recall comparative advantage- mowing lawns and washing cars)
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Comparative Advantage
• Some countries have what other countries want
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U.S. Exports• Exports make up
1/3 of our GDP
• Most of those exports are raw materials and aircraft technology
• Nobody really likes our consumer goods…
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U.S. Imports• The U.S. imports $2.1
trillion dollars worth of goods and resources each year
• Crude oil makes up 17% of our imports– What does that say
about demand for gas?
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Free Trade Isn’t Free• Since countries want to
export more than they import, they try to restrict the imports as much as possible
– Tariffs- taxes to make imports more expensive
– Quotas- a legal limit on how many goods are imported
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Love Dat Tax
• When one country imposes tariffs and quotas, another country will do the same
• This can lead to disputes and even war
Enough with the tariffs!
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Trade Organizations• GATT (General Agreement of Tariffs and Trade)- exists
to make sure everyone is happy with terms of trade
• The WTO (World Trade Organization) is the big kahuna in world trade- they oversee the legal stuff
• European Union (est 1958)- free trade among European Countries
• NAFTA (North American Free Trade Agreement)- free trade among US, Canada, and Mexico
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Developing Countries
• Low per capita GDP• Low literacy rates• High unemployment
rates• Over-population• Low productivity• Few entrepreneurs
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Industrial Market Countries
• Higher GDP• Benefits from trade• High standard of living• Educated professionals• Capitalist
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Convergence Theory• This theory states
that one day, developing nations will catch up with richer nations
• China• Singapore• Brazil