Unit 1 Chapter 3

Essential Outcomes

1. Apply the concepts of Economic Systems and Principles by:Naming and applying the Four Basic Economic Systems

(Market, Traditional, Command, and Mixed) to the global economy (Chapter 1)

Applying concepts of competition, scarcity, and supply and demand to the effect on price and quantity (Chapter 2)

Comparing and contrasting embargos, tariffs, and quotas to economic situations (Chapter 3)

Connecting key terms in the chapter with application (All Chapters) with 85% accuracy

1. WHAT ARE IMPORTS?

2. WHAT ARE EXPORTS?

3. WHAT ARE TRADE BARRIERS?

4. WHAT ARE TRADE RESTRICTIONS?

5. WHAT IS THE DIFFERENCE BETWEEN TRADE BARRIERS & TRADE

RESTRICTIONS?

6. WHAT ARE THE THREE TRADE RESTRICTIONS OR TRADE BARRIERS?

7. WHAT IS TRADE TARIFFS?

8. WHAT IS TRADE QUOTAS?

9. WHAT IS TRADE EMBARGO?

10. WHAT IS THE WTO?

11. WHAT ARE WTO AGREEMENTS?

12. WHAT IS GATT?

12. WHAT IS NAFTA?

13. WHAT COUNTRIES ARE INCLUDED IN NAFTA?

14. WHAT IS THE DIFFERENCE BETWEEN WTO & NAFTA?

Turn in your notes and then on to your project!!!