1. Have out Free and fair trade research

2. Primary Updates and Supreme Court
Take out your primary sheets
Rubio:
Overview: republican-primary-results/
Results: results.html?_r=0
Supreme Nominee: nominee.html?_r=0

3. Global Trading

4. Approaches to Trading
Protectionist
Free
Fair

5. Protectionist Three techniques that we can use Tariff: Import quota:
tax on imported good
Import quota:
a limit put on the amount of a commodity that can be imported into a country
Trade embargo:
ban on trade with a particular country

6. Free vs. Fair
Using your research, work with your group to discuss the pros and cons of free and fair trade. List the pros and cons on your paper. Come to a consensus on which type of trade is better.
Think of who benefits from each
Be prepared to share

7. Global Trade Organizations
North America Free Trade Agreement
1994 deal for free trade between US, Canada, and Mexico
World Trade Organization
1995 created to increase trade. 157 members and sets out rules for international commerce, new trade agreements, and resolves trade issues
World Bank
Global institution to reduce poverty and raise the standard of living around the world by making loans to poor nations
International Monetary Fund (IMF)
Helps countries whose financial or banking systems are in trouble (advice and consulting services) and monitors financial systems
European Union

8. Fair Trade Free Trade Pro Fair to disadvantages
Ensures good working conditions
Environment
Safe/Quality goods
Works for Community
Connects us Globally
Trade Creation
Exports increase
Specialization
Increased competition
Globally connected
Con
Costs to join and to buy goods
Small market, bad for capitalism
Not the best solution
Tariffs and taxes still in place
Not tried enough
Interferes with free market
Punishes marginalized workers
Non-cooperation in agreements
Dependence
Unbalanced Dev. In country
Loss of jobs (rising imports)
International monopolies

9. US Foreign Trade Who are the main trading partners of the US?
Which nation is the world’s largest exporter?
Importer?
Where does the US get its goods from?
Which country do we export most goods to?

10. US and China Is the trade relationship beneficial
Read the article and discuss your thoughts with a partner

11. Global Connections-Positive or Negative?

12. Questions Who CREATES the federal budget?
Which is larger, mandatory or discretionary spending?
Name one category of mandatory spending.
What do we spend most of our discretionary funds on?
Who has the power to levy taxes?
Name some factor that can affect the contents of the federal budget.
What does a person need to meet in order to receive entitlement benefits?
What is the difference between the private and public sector?
What is a flat tax?
Name something that Congress CANNOT tax

13. Questions
Where does the Federal Government get most of its tax revenue from?
What kind of tax is a purely flat tax?
What is our best example of a regressive tax?
How are excise taxes regressive?
What is a payroll tax?
Who do estate taxes affect the most?
What is the difference between national debt and deficit?
What are federal outlays?
What is a surplus?
What day do your tax returns need to be filed by?

14. Questions
What type of trade mechanism is most often used as a punishment?
Which organization monitors the world financial systems and provides advice to economies in need?
Which country is the largest shareholder of the World Bank?
Who does fair trade benefit?
What is a danger of free trade?
Who do import quotas help?

15. Bonus/Tie Breaker
What does OASDI stand for (exactly)?