After picking up your International Towne Workbook, please turn to the Limiting Trade on page 25 page of their Student Workbooks, read the article silently. Complete the worksheet, Trade Words on page 26 independently once you are done with the reading. Warm Up

World Trade: Open or Closed? Wheeling and Dealing

Objective Students will be able to: Understand the world as an interdependent system Demonstrate decision making skills needed for trading for different commodities Identify reasons for restricting trade Give examples of trade barriers Identify reasons for reducing trade barriers Describe current trade agreements such as NAFTA and WTO Objective

Students will use role- play activities to learn how money and goods are transferred around the world. In addition, students discover the environmental costs associated with shipping fruits. Students learn the International Towne trading partners. Overview

Key Vocabulary Review Trade- an exchange of goods or services Domestic Trade: having to do with the internal affairs of a country Global Trade/ International Trade: an exchange of goods or services throughout the world Import: goods brought in from a foreign country for trade or sale Export: goods shipped out of one country for trade or sale with another Interdependence: The condition where countries become dependent on one another because of specialization and trade Key Vocabulary Review

Key Vocabulary Review Conti… Resources: Things of value and efforts used to produce goods and services: land, labor, capital, and entrepreneurship Capital: Material Wealth; The money, machines, factories, and tools used (or available for use) in the production of other goods and services. Entrepreneurship: The willingness to assume the risks of organizing and coordinating resources to produce goods and services. Land: Natural resources used to produce goods and services; for example, land, minerals, and trees. Labor: All human effort, including the knowledge and skills used in the production of goods and services. Specialization: when countries or businesses concentrate on producing only those goods and services that they can most efficiently produce given their existing resources. Key Vocabulary Review Conti…

Although countries generally benefit from trade, many establish trade barriers to control or restrict their imports and exports. The main types of trade barriers are tariffs, quotas, and embargoes. Other types of trade mechanisms are licensing requirements, standards, and subsidies.

Trade Barriers: limits or restrictions on foreign trade Tariffs: a tax on imports Quotas: a limit on the amount of goods that can be imported Embargoes: when on nation prohibits trade with another, often for political reasons New Key Vocabulary

Reviewing Trade Words Specialization Quota Tariff Trade Exports NAFTA Interdependence Imports Resources Subsidy Embargo Trade Agreements Reviewing Trade Words

A new country has just been created, Stuartopia A new country has just been created, Stuartopia. The leader of this new country has asked you to advise him on what Stuartopia’s economic trade strategy should be. Given their current status as a new country, would you advise the leader to enter into the global trade market or limit themselves to strictly domestic trade? Prompt: Domestic Trade OR INTERNATIONAL tRADE International: Interdependence and Specialization Counter Claim: Specialization and If you chose domestic trade, their would be limited resources Domestic: Stability and handling ourselves Counter Claim: Risky and rely on others

Criteria: Plan Draft- Due Tomorrow at the Beginning of Class Claim Evidence Reasoning Counter Claim Concluding Statement Remember… NO “I “ STATEMENTS! Criteria: