Have out Free and fair trade research

Primary Updates and Supreme Court Take out your primary sheets Rubio: http://abcnews.go.com/Politics/video/highlights-marco-rubios-concession-speech- 37675693 Overview: http://www.cbsnews.com/news/ohio-florida-illinois-missouri-north-carolina- republican-primary-results/ Results: http://www.nytimes.com/interactive/2016/us/elections/primary-calendar-and- results.html?_r=0 Supreme Nominee: http://www.nytimes.com/2016/03/17/us/politics/obama-supreme-court- nominee.html?_r=0

Global Trading

Approaches to Trading Protectionist Free Fair

Protectionist Three techniques that we can use Tariff: Import quota: tax on imported good Import quota: a limit put on the amount of a commodity that can be imported into a country Trade embargo: ban on trade with a particular country

Free vs. Fair Using your research, work with your group to discuss the pros and cons of free and fair trade. List the pros and cons on your paper. Come to a consensus on which type of trade is better. Think of who benefits from each Be prepared to share

Global Trade Organizations North America Free Trade Agreement 1994 deal for free trade between US, Canada, and Mexico World Trade Organization 1995 created to increase trade. 157 members and sets out rules for international commerce, new trade agreements, and resolves trade issues World Bank Global institution to reduce poverty and raise the standard of living around the world by making loans to poor nations International Monetary Fund (IMF) Helps countries whose financial or banking systems are in trouble (advice and consulting services) and monitors financial systems European Union

Fair Trade Free Trade Pro Fair to disadvantages Ensures good working conditions Environment Safe/Quality goods Works for Community Connects us Globally Trade Creation Exports increase Specialization Increased competition Globally connected Con Costs to join and to buy goods Small market, bad for capitalism Not the best solution Tariffs and taxes still in place Not tried enough Interferes with free market Punishes marginalized workers Non-cooperation in agreements Dependence Unbalanced Dev. In country Loss of jobs (rising imports) International monopolies

US Foreign Trade Who are the main trading partners of the US? Which nation is the world’s largest exporter? Importer? Where does the US get its goods from? Which country do we export most goods to?

US and China Is the trade relationship beneficial Read the article and discuss your thoughts with a partner https://www.youtube.com/watch?v=2ziodZHZGpU

Global Connections-Positive or Negative?

Questions Who CREATES the federal budget? Which is larger, mandatory or discretionary spending? Name one category of mandatory spending. What do we spend most of our discretionary funds on? Who has the power to levy taxes? Name some factor that can affect the contents of the federal budget. What does a person need to meet in order to receive entitlement benefits? What is the difference between the private and public sector? What is a flat tax? Name something that Congress CANNOT tax

Questions Where does the Federal Government get most of its tax revenue from? What kind of tax is a purely flat tax? What is our best example of a regressive tax? How are excise taxes regressive? What is a payroll tax? Who do estate taxes affect the most? What is the difference between national debt and deficit? What are federal outlays? What is a surplus? What day do your tax returns need to be filed by?

Questions What type of trade mechanism is most often used as a punishment? Which organization monitors the world financial systems and provides advice to economies in need? Which country is the largest shareholder of the World Bank? Who does fair trade benefit? What is a danger of free trade? Who do import quotas help?

Bonus/Tie Breaker What does OASDI stand for (exactly)?