1
-isms Activity
Capitalism
Communism

• Chapter 26 Review Activity

Socialism
2
International Trade

• Why do countries trade? (Scarcity)
• What 4 features define a market economy?
  (Freedom, Competition, Externalities, Higher
  Output or GDP)
• What is the difference between exports and
  imports?
• Explain 3 reasons nations trade. (Scarcity,
  Comparative advantage, Jobs)
• Explain what tariffs and quotas are why
  countries use them.
• In the balance of trade, what is the difference
  between a trade deficit a trade surplus? Which
  is best?

3
The Types of Economic Systems

• Discuss traditionalism.
• Go over chart of economics systems.
• Comparison of systems

4
Communism

• Command Economy Example
• What countys economy is representative of this
  system?
• Who makes the economic decisions?
• What are the advantages?
• What are the disadvantages?

5
Socialism

• What countys economy is representative of this
  system?
• Who makes the economic decisions?
• What are the advantages?
• What are the disadvantages?

6
Captalism

• What countys economy is representative of this
  system?
• Who makes the economic decisions?
• What are the advantages?
• What are the disadvantages?

7
Choice Work

• Work on one of these assignments
• Read 21.1. Complete questions on Demand. This
  assignment is due tomorrow!
• Take a book home to complete the above assignment
  and work on your modules. The modules are due by
  December 19th for the 100 grade and no later than
  January 7th!