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. Imperialism Colonialism
The IDEA …of a stronger nation takes control of a weaker nation
Colonialism
Actually doing it – putting the idea of imperialism into practice

3. Globalization Interdependent All nations are connected
We buy and sell to each other
Interdependent
Nations rely on each other
No Nation can survive on its own
Oil, Coal, Water, Coltan
Labor
Markets to sell goods

4. OPEC NAFTA Cartel Control Supply of Oil (gasoline)
Organization of the Petroleum Exporting Countries
Cartel
Control Supply of Oil (gasoline)
THUS, they control the price
NAFTA
North American Free Trade Agreement
NO Tariffs (taxes on importing/exporting)
FREE TRADE
Pro: Goods are cheap
Con: Lose jobs in USA

5. World Trade Organization Make the world’s economy better
20 major economies
Leaders meet – monitor the economy (mainly banking)
Often criticized for only helping wealthy nations
WTO
World Trade Organization
Make the world’s economy better
Help nations get along economically
Make sure businesses are fair
economics

6. EU OAS European Union Organization of American States
Created After World War II
Countries who trade with one another become economically interdependent
more likely to avoid conflict
OAS
Organization of American States
Work together for peace, security, and development

7. 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!
Day 3 – Global Economics

8. + $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

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

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

11. 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)

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

13. cw 1, 2, 3, 4