1. Chapter 3.3 Mr. Mulligan’s Outline

2. Goals  OBJECTIVE:  To examine and identify different economic systems of the world  EU  The movement and population patterns of the world  EQ  What causes movement and population patterns throughout the world?

3. Bell Activity  What natural resources can you name?  Write in your notebook

4. I. Natural Resources  Natural Resources- materials made from the Earth that people use to meet their needs.  Soil, trees, wind, and oil  These resources can provide food, goods, and shelter  Renewable resources- are natural resources that cannot be used up or replaced.  Sun, wind, water.  Rivers, wind and the sun can create electricity  Forrest's can replace themselves

5. I. Natural Resources (cont’d)  Nonrenewable resources- resources that can be used up, finite (limited) in supply.  Once these are gone, they are gone  Minerals (iron ore, silver, gold), Oil, Coal, Fossil Fuels  These resources heat homes, run cars, and generate electricity

6. II. Economies and Trade  Economic Systems  Used to answer 3 key questions:  What goods and services to produce (What to make?)  How to produce (How to make?)  Who will receive them?

7. II. Economic Systems  4 Types  Traditional- decide what to produce and how to produce it  Command- government makes decisions (costs, wages, little economic freedom)  Market- individuals make own economic decisions (right to buy/own property/business. Supply/demand principal  Mixed-all features of economies mixed

8. Developed and Developing Countries  Based on economies and advances  Developed country- mix of agriculture, manufacturing, service industries, (banks and health care), new technologies, higher incomes (US, France, Japan)  Developing Countries- little industry, generally low incomes, not as advance, agricultural countries (Sierra Leone, Cambodia, Guatemala)

9. World Trade  Trade to get what is needed  Export-a good leaving the country to be sold  Import- a good coming in to the country to be bought  Developed and Developing countries work together to obtains goods and services  Finance-pay for efforts

10. Trade Barriers & Free Trade  Tariffs- tax on trade to boost price and make more good more expensive to encourage people to buy cheaper goods made at home.  Quota is a limit on a certain item  Free trade- removal of trade limits  Treaties signed  NAFTA (North American Free Trade Agreement)

11. Interdependce  Countries rely on each other to for ideas, goods, services. And markets (places to sell) each others goods.  New technologies have contributed to globalization