•SS7E6.d - Explain why international trade requires a system for exchanging currencies between nations. •SS7E6.b - Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargoes. Sit down in your assigned seat and begin studying your 16 vocabulary terms quietly. Reminder - the more quiet you are, the more study time you will receive.

Quiz Rules Take everything off of your desk except for a pen/pencil. Place your full name, period, and date on the quiz. There is NO talking or cheating while the quiz is out. When you are finished, raise your hand and sit quietly until we are all ready for the next activity.

Class Currency Game http://www.imf.org/external/np/exr/center/students/money/index.ht m Most of the countries in Southwest Asia (Middle East) have their own type of currency. In order for them to pay for goods as they trade with each other, they had to establish a system of changing from one type of currency to another. This system is known as an exchange rate. They also have to be able to exchange their currencies with those used by other countries around the world. In Southwest Asia, there are many different types of currency. In order for them to trade with each other, they have to be able to figure out what goods cost in each currency. In your notebook, answer the following question: Why does international trade require a system for exchanging currencies between nations?

Current Exchange rates US Dollar Iranian Riyal Iraqi Dinar Israeli New Sheqel Saudi Riyal Turkish Lira UAE Dirham $1 29963 1122.80 3.89 3.75 2.87 3.67

Trade Barriers https://www.youtube.com/watch?v=c6xBo0_W CYU Follow along with the reading, underlining important information about trade barriers and circling vocabulary words. When finished, complete the questions in complete sentences on the handout.

Closing Turn to the person next to you and discuss how what you learned today could be useful to you in the real world.