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Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports...

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Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday
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Page 1: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.

Agenda• Graph Making• Review• Globalization, Trade,

and Protectionism Notes

• Pass out Progress Reports

• Progress Reports are due by Wednesday

Page 2: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.
Page 3: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.
Page 4: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.

Line Bar

Page 5: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.
Page 6: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.
Page 7: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.
Page 8: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.

• Globalization• Opportunity Cost• Absolute Advantage• Comparative Advantage

Page 9: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.

• Answer: Comparative Advantage• Comparative advantage is the basis for all trade

between individuals, regions, and nations.

Page 10: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.
Page 11: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.

• Name for the process of increasing the connectivity and interdependence of the worlds markets and businesses

• “Shrinking the world” through sharing of information, ideas

• Made Possible through TV and Internet!

Page 12: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.

• Exists when a person/Country can produce more of a certain good/service than someone else in the same amount of time or can produce a good using the least amount of resources.

• Post Example:

• Student 1: Is the best artist and has the best handwriting• Student 2: Has decent handwriting but is a terrible artist.

• Should Student 1 do the whole project?

Page 13: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.

• A person or a nation has a comparative advantage in the production of a product when it can produce the product at a lower domestic opportunity cost than can a trading partner.

• Ex: You are in a group and making a poster. • Student 1: Has great handwriting and is an ok artist• Student 2: Is a good artist but has terrible handwriting.

• Which student should do which job?

Page 14: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.

BakeCakes

MakePizza

Ms. Cranston

2 cakes/hr.(1c = 3p)

6 pizzas/hr.(1p = 1/3c)

Mr.Neanover

4 cakes/hr.(1c = 2p)

8 pizzas/hr.(1p = 1/2c)

Mr. Neanover should specialize and trade if he has acomparative advantage (lower opportunity cost)in the production of one of the products.

Mr. Neanover has a lower opportunity cost in producing cakes; therefore, he should specialize in the production of cakes. Ms. Cranston has a lower opportunity cost in producing pizza; therefore, she should specialize in the production of pizza.

Page 15: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.

Interior of the Car

Exterior of the Car

Opportunity Cost:

Page 16: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.

• Two or more people, companies, or countries that become dependent(need) on each other.

Page 17: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.

BakeCakes

Pinson will specialize in cakes.

Make Pizza Gray will specialize in pizzas.

Ms. Moody 1c = 3pFor one cake, Moody would be willing to pay anything up to 3 pizzas.

1p = 1/3cFor one pizza, Moody will want more than 1/3 cakes.

Mr. Neanover

1c = 2pFor one cake, Neanover will want more than 2 pizzas.

1p = 1/2cFor one pizza, Neanover would be willing to pay anything up to ½ cake.

Page 18: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.

Imports• Goods and services

purchased from other countries

• If exports=imports then there is a balance of trade

Exports• Goods and services

sold to other countries

• More imports than exports= trade deficit

• More exports than imports= trade surplus

Page 19: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.
Page 20: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.

• The price of one country’s currency expressed in another country’s currency.

• Broken into buying and selling rate

• $1= .69 British Pounds

• $1= 15.18 Mexican Pesos

• $1= .95 Euros

• $1= 120.41 Japanese Yen

• $1= 6.21 Chinese Yuan

Page 21: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.
Page 22: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.

• Attempting to shield the economy from changes brought by trade

Page 23: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.

• The government contributing money to make the price lower.• Example: 1 Bushel of Corn = $70

• Government pays the farmer $40

• Consumers can buy corn now for $30

Page 24: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.
Page 25: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.

• Sanctions- Government restricting trade or investment in a country

• Embargo• Whatis it?

Page 26: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.

• A Maximum and/or aminimum amount of

something

Page 27: Agenda Graph Making Review Globalization, Trade, and Protectionism Notes Pass out Progress Reports Progress Reports are due by Wednesday.

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