Day 1 – Economic Systems (7.E.1.3) Command (communism) Free (capitalism) - Lots of Gov’t involvement - Gov’t makes all decisions - Gov’t owns property - No Profits (Gov’t helps people) - No Competition - Ex. North Korea, Cuba (rare) - Little Gov’t involvement - Individuals Choose - Private property - Profit Driven (make $) - Competition - Ex. Australia Mixed - Gov’t involvement (free < mixed < command) - Individuals & biz make choices - private sector (make money) - Gov’t makes choices - public sector (help people) - Ex. USA (most common economy) Traditional -based on survival -eskimos -zombie apocalypse
Imperialism Colonialism The IDEA …of a stronger nation takes control of a weaker nation Colonialism Actually doing it – putting the idea of imperialism into practice
Globalization Interdependent All nations are connected We buy and sell to each other Interdependent Nations rely on each other No Nation can survive on its own Oil, Coal, Water, Coltan Labor Markets to sell goods
OPEC NAFTA Cartel Control Supply of Oil (gasoline) Organization of the Petroleum Exporting Countries Cartel Control Supply of Oil (gasoline) THUS, they control the price NAFTA North American Free Trade Agreement NO Tariffs (taxes on importing/exporting) FREE TRADE Pro: Goods are cheap Con: Lose jobs in USA
World Trade Organization Make the world’s economy better 20 major economies Leaders meet – monitor the economy (mainly banking) Often criticized for only helping wealthy nations WTO World Trade Organization Make the world’s economy better Help nations get along economically Make sure businesses are fair economics
EU OAS European Union Organization of American States Created After World War II Countries who trade with one another become economically interdependent more likely to avoid conflict OAS Organization of American States Work together for peace, security, and development
Plan = coordinate the policies of the oil-producing countries OPEC Organization of the Petroleum Exporting Countries Cartel Agreement between competing companies to control prices illegal in the US Plan = coordinate the policies of the oil-producing countries Control Supply IF they lower the supply THEN the price goes up! Day 3 – Global Economics
+ $1 NAFTA FREE TRADE Pro: Goods are cheap Con: Lose jobs in USA North American Free Trade Agreement NO Tariffs (taxes on importing/exporting) FREE TRADE Pro: Goods are cheap Con: Lose jobs in USA $6 $7 $5 + $1
G20 20 major economies Leaders meet – monitor the economy (mainly banking) Often criticized for only helping wealthy nations
WTO World Trade Organization Make the world’s economy better Help nations get along economically Make sure businesses are fair economics
EU European Union Created After World War II Countries who trade with one another become economically interdependent more likely to avoid conflict Peace and Business in Europe People can travel freely between countries Single Currency (Euro)
OAS Organization of American States Work together for peace, security, and development
cw 1, 2, 3, 4