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Bell Ringer #22 – 5/17/11

Bell Ringer #22 – 5/17/11. What is the European Union? How many nations are part of the EU? Explain the EU policy of “ Shengen ”. Natural Resources in the World. Natural resources are not distributed evenly throughout the World.

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Bell Ringer #22 – 5/17/11

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  1. Bell Ringer #22 – 5/17/11 • What is the European Union? • How many nations are part of the EU? • Explain the EU policy of “Shengen”.

  2. Natural Resources in the World • Natural resources are not distributed evenly throughout the World. • Nations along the equator specialize in tropical fruit, while colder nations have thick trees and sell wood. • The Middle East has a lot of oil. Japan has no oil and must trade goods for oil.

  3. Absolute Advantage • Absolute Advantage is the ability of a nation, region, or company to produce a certain good or service more efficiently and cheaply than any other place. • Ex: Potatoes in Idaho, oranges in Florida, coffee in Colombia. • Lawyer Example: If a lawyer can type 120 wpm & his secretary types 100 wpm, he has absolute advantage in both practicing law and in typing.

  4. Comparative Advantage • Comparative Advantage is the ability of a nation or company to produce a certain good or service based upon need and specialization. • Lawyer Example: Even though lawyer types faster, his comparative advantage for making $$ is in practicing law, so he should leave typing to secretary.

  5. Customs Inspector • The U.S. Customs Service employs 19,000 people who regulate travel and billions of dollars in goods that enter and leave the U.S. each year. • To qualify, applicants must be U.S. citizens, pass physical & written exams, background check, and 11-week law-enforcement course.

  6. Homework • Read Ch 18, Sec 1 • Answer 1, 2, & 3ab on page 430.

  7. Bell Ringer #23 – 5/18/11 • Give an example of a professional who has “absolute advantage” over the average person, when it comes to a specific skill. • What does “comparative advantage” mean? • Describe the career of a U.S. Customs Inspector.

  8. Exchanging Foreign Currency • Foreign exchange markets - when buying and selling exists that uses two different currencies. Through such a market, currencies are converted into other currencies. • Foreign exchange rate – the value of one currency in relation to another.

  9. Devaluation • Devaluation - A.K.A. “depreciation” exists when one nation’s currency decreases in value relative to other currencies. • When a nation’s currency is devalued, its products become cheaper to other nation; at the same time, other nations’ products become more expensive to buying in the devalued nation.

  10. Partner Assignment • Read “an Education for the Global Economy” on page 434. • Copy and answer questions 1 & 2.

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