1. Day 1 – Economic Systems (7.E.1.3)
Command (communism)
Free (capitalism)
- Lots of Gov’t involvement
- Gov’t makes all decisions
- Gov’t owns property
- No Profits (Gov’t helps people)
- No Competition
- Ex. North Korea, Cuba (rare)
- Little Gov’t involvement
- Individuals Choose
- Private property
- Profit Driven (make $)
- Competition
- Ex. Australia
Mixed
- Gov’t involvement (free < mixed < command)
- Individuals & biz make choices
- private sector (make money)
- Gov’t makes choices
- public sector (help people)
- Ex. USA (most common economy)
Traditional
-based on survival
-eskimos
-zombie apocalypse

2. 7.E.1.1 
The student will know: 
                       o Colonialism                         o Imperialism                         o Globalization                         o Interdependence
How do the terms connect to Economics?

3. Making Economics EASY for nations or HARD
7.E.1.2 Explain the implications of economic decisions in national and international affairs 
The student will know: 
Key terms: 
                      o OPEC                        o NAFTA                        o G20                        o WTO                        o EU                        o OAS 
Making Economics EASY for nations or HARD

4. Plan = coordinate the policies of the oil-producing countries
OPEC
Organization of the Petroleum Exporting Countries
Cartel
Agreement between competing companies to control prices
illegal in the US
Plan = coordinate the policies of the oil-producing countries
Control Supply
IF they lower the supply
THEN the price goes up!

6. Oil $10 Supply and Demand Supply Price $15 $10 $5 1 2 3 4 demand
Quantity Sold

7. Oil Supply goes up Supply Price $15 $10 $5 1 2 3 4 demand
Quantity Sold

8. Oil Supply goes down Supply Price $15 $10 $5 1 2 3 4 demand
Quantity Sold

9. + $1 NAFTA FREE TRADE Pro: Goods are cheap Con: Lose jobs in USA
North American Free Trade Agreement
NO Tariffs (taxes on importing/exporting)
FREE TRADE
Pro: Goods are cheap
Con: Lose jobs in USA $6 $7 $5
+ $1

10. G20 
20 major economies
Leaders meet – monitor the economy (mainly banking)
Often criticized for only helping wealthy nations

11. WTO World Trade Organization Make the world’s economy better
Help nations get along economically
Make sure businesses are fair
economics

12. EU European Union Created After World War II
Countries who trade with one another become economically interdependent
more likely to avoid conflict
Peace and Business in Europe
People can travel freely between countries
Single Currency (Euro)

13. OAS Organization of American States
Work together for peace, security, and development