1. Chapter 26 Review Activity
Capitalism
“-isms” Activity
Communism
Chapter 26 Review Activity
Socialism

2. International Trade Why do countries trade? (Scarcity)
What 4 features define a market economy? (Freedom, Competition, Externalities, Higher Output or GDP)
What is the difference between exports and imports?
Explain 3 reasons nations trade. (Scarcity, Comparative advantage, Jobs)
Explain what tariffs and quotas are & why countries use them.
In the balance of trade, what is the difference between a trade deficit & a trade surplus? Which is best?

3. The Types of Economic Systems
Discuss traditionalism.
Go over chart of economics systems.
Comparison of systems

4. Communism Command Economy Example
What county’s economy is representative of this system?
Who makes the economic decisions?
What are the advantages?
What are the disadvantages?

5. Socialism What county’s economy is representative of this system?
Who makes the economic decisions?
What are the advantages?
What are the disadvantages?

6. Captalism What county’s economy is representative of this system?
Who makes the economic decisions?
What are the advantages?
What are the disadvantages?

7. Choice Work Work on one of these assignments:
Read Complete questions on Demand. This assignment is due tomorrow!
Take a book home to complete the above assignment and work on your modules. The modules are due by December 19th for the 100 grade and no later than January 7th!