Who is someone that you depend on? Why are you dependent on him/her?

 You will all have different resources, but you must acquire these things for your society: ◦ Money/Capital — make five rectangles of green paper ◦ Natural Resources/Oil — make 3 black circles ◦ Shelter — make a brown square and attach a white triangle to the top of the square. ◦ Industry/Factories — Make a five-link paper chain, with each link being a different color. ◦ Education — Make a four-page book out of four different colors.  Groups will appoint 1 ambassador who can meet and trade with different societies. Only this person can speak with other groups. The other 2 members must construct the goods.  You have 15 minutes to make everything you need for your society.

 Trade is one way that nations solve the problem of scarcity (not having enough resources for your wants/needs). They trade to obtain goods/services that they cannot easily produce.  Comparative Advantage – Some countries are better suited to produce products. If you had more of something, that is your comparative advantage ◦ What was your group’s comparative advantage?

 Exports – goods sold to other countries.  Imports – goods purchased from other countries.  Balance of Trade – difference between value of a nation’s imports and exports  Favorable Balance of Trade: exporting more than you import  Trade Surplus – value of exports bigger than value of imports  Trade Deficit – value of imports bigger than value of exports  Tariff – tax on imported good (usually to make people buy domestic (US) goods)

POORRICH What makes a country developing?  Less educated, healthy  Less Manufacturing, Less Technology, Low GDP  Have More Natural Resources What makes a country developed?  Educated, healthy  More Industry, & Technology, High GDP  Consume many natural resources (oil)

 International Monetary Fund & World Bank: offers monetary advice & loans to developing countries.  Global interdependence: nations depend on each other  Richer nations sell products to obtain natural resources from poorer nations.  Poorer nations need food, technology, and money from richer nations

 Complete a vocabulary map on outsourcing AND globalization.  Read about different global institutions such as the, EU (p567), World Trade Organization (p569), NAFTA (p569), and United Nations (p617). Write a 2-3 sentence mission statement that summarizes what each organization was formed to do. Definition in your own wordsUse it in a sentence Why is it important OR Give an example Draw it! Vocab Word

 Read about the different theories of protectionism and free trade  Complete this reading strategy: ◦ Write the most important sentence from each paragraph ◦ List the people that have each opinion: protectionism and free trade ◦ Explain what each theory believes about tariffs  Complete the Semantic Analysis Chart on Free Trade & Protectionism