1. International Business Do Now 2/19/14: Identify the three (3) Economic Questions.

2. International Business Unit 1: Our Global Economy Three Economic Questions What goods and services to produce? How will goods and services be produced? What needs and wants will be satisfied with the goods and services produced?

3. International Business Unit 1: Our Global Economy Economic Resources The three types of resources used to produce goods and services are called Factors of Production. They are: 1) Natural Resources (Land) 2) Human Resources (Labor) 3) Capital Resources (Capital)

4. International Business Unit 1: Our Global Economy What does Isolationism mean?

5. International Business Unit 1: Our Global Economy Isolationism refers to the United States longstanding reluctance to become involved in European alliances and wars.

6. International Business Unit 1: Our Global Economy Throughout the history of the United States up through World War 2 our foreign policy consisted of some form of isolationism. 1)Monroe Doctrine (1823)

7. International Business Unit 1: Our Global Economy The United States was content to export our surplus goods to other countries, but we didnt want foreign countries doing the same to us. In order to discourage this practice we implemented …….?

8. International Business Unit 1: Our Global Economy Tariff – A duty or tax imposed by a government mostly on imported goods.

9. International Business Unit 1: Our Global Economy It took World War 2 for the United States to finally realize that a policy of isolationism was no longer going to work politically or economically.

10. International Business Unit 1: Our Global Economy So what have we ended up with?

11. International Business A Global Economy