Drill 4/28 Name one economic pro and one con about Spain’s VAST empire

Pro – lots of money coming in Con- Severe inflation, crippled economy

4/28 Warm Up Why might people in Maryland go to Delaware to buy clothes?

Why would Delaware eliminate sales taxes? To make the state more attractive to consumers Good for the economy

Why does MD charge a sales tax on certain goods? Taxes brings in revenue for the state DE citizens are charged higher property taxes to compensate for the loss of revenue from sales taxes

World Trade

Tariff A tax levied on goods imported into a country

Who does the U.S. trade with?

What is NAFTA? North American Free Trade Agreement Went into effect on January 1, 1994. A pact that phases out most tariffs between the United States, Canada, & Mexico

NAFTA Gains & Pains Make a Plus/Minus chart in your notes Use the reading to help you fill in the chart You should have 4-5 details on each side

Whom do the characters represent? Is the cartoon pro-globalization or anti-globalization? What message is the artist attempting to convey?

Drill 11/7 What is Divine Right? How did Louis XIII and Anne of Austria view the birth of Louis XIV?

Divine Right It is God’s will that the King rule. He is God’s messenger on Earth

Louis XIII’s son’s birth is likened to that of the birth of Jesus Christ.

How did Louis XIV change over his reign How did Louis XIV change over his reign? Why did he begin calling himself the “Sun King?”

Drill 4/29 What are the pros and cons of NAFTA? Do you feel NAFTA was beneficial or harmful to America?

World Trade What problems are associated with World trade? Tariffs Laws Exchange rate Customs/ culture

Organizations World Bank Provides financial assistance to developing countries

The Exchange Rate At one time, one American Dollar was worth 2 Canadian Dollars. How could this influence trade?

International Monetary Fund Helps control exchange rates between countries and facilitates international trade

World Trade Organization International group who’s goal is to lower tariffs and expand free trade Also acts as a referee, enforcing agreed upon laws

Classwork Begin working on your review packet for the test on Thursday Use your book and your notes to complete the assignment You may work with a partner, but you are responsible for your own work The more you do here – the less you have to do at home. The assignment is due Thursday, it will count as a homework grade this quarter.

Summary If you were a manufacturer in the U.S., would you be for or against NAFTA? Explain your answer.

Currency Chart How has the Euro helped or hurt certain nations that adopted it? What is common about the countries that have EXTREME devalued currency versus the dollar? How does the dollar fair against the Euro, the Canadian dollar and the Japanese Yen? How does that effect trade?