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Exploring Economic Concepts: Cold War's End & Market Specialization

Understand what marked the end of the Cold War, how specialization benefits the economy, and the determinants of prices in a Market Economy while exploring trade barriers, currency exchange, and economic systems.

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Exploring Economic Concepts: Cold War's End & Market Specialization

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  1. DSS What marked the end of the Cold War? The rule of Gorbachev The creation of Russia The break-up of the Soviet Union The destruction of the Berlin Wall

  2. DSS What determines price in a Market Economy ? Explain why!

  3. DSS What is specialization and how does it help the economy? Answer: Specialization allows for you to do one thing very well and “perfect” your job. Countries then trade for what they need= which increases the GDP!

  4. Additional Questions to answer: Why might people in a country want free-trade? (who benefits & who is hurt?) Why might people in a country want trade barriers? (who benefits & who is hurt?) (using the chart on pg. 146) If you want to buy a product in the following countries what currencies need to be exchanged? Clothes in Mexico? Coffee in Costa Rica? A condo in Belize? Oil from Venezuela?

  5. #1 A combo of Command + Traditional + Market economy = ?

  6. #2 How is political power distributed in this country? Unitary? Confederation ? Federal ?

  7. #3 What kind of government distributes power like this?

  8. #4 Investing in this = what? Human

  9. #5 How is this an example of Specialization?

  10. #6 What is the goal of NAFTA?

  11. #7 This picture represents what form of government?

  12. #8 What’s the big difference between…? Parliamentary Democracy Vs. Presidential Democracy

  13. #9 What ‘s GDP in a country?

  14. #10 What kind of economic system does this country have?

  15. Answers • Mixed 7. Democracy • Federal 8. Separate election for • Unitary President vs. PM • Increased GDP/ 9. Increased Productivity productivity (Captial) 5. Expert at one thing= 10. Command More productive 6. Free trade zone between Mex./Canada/ US=increase Standard of living

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