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Specialization & Interdependence

Specialization & Interdependence. Ms. Ramos Alta Loma High School. How does specialization lead to Economic Interdependence?. Ms. Ramos. How did people live 200 years ago?. Ms. Ramos.

december
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Specialization & Interdependence

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  1. Specialization & Interdependence Ms. Ramos Alta Loma High School

  2. How does specialization lead to Economic Interdependence? Ms. Ramos

  3. How did people live 200 years ago? Ms. Ramos

  4. They grew their own food, built their house, made their own tools & clothing, and performed many other tasks themselves. Ms. Ramos

  5. Specialization Improves Productivity • Smith wrote about advantages of specialization • Division of labor • As productivity increases, more G&S are available & standard of living increases Ms. Ramos

  6. Need lg society to sustain Ms. Ramos

  7. Specialization Encourages Trade • Don’t produce everything- need to trade • “We trade with others because it frees up time and resources to do things that we are better at” - Charles Wheelan • Are we able to be self sufficient today? Ms. Ramos

  8. Trade is a VOLUNTARY EXCHANGE • Traditional economies- Barter • Market economies- money Ms. Ramos

  9. Money is … • Useful when value generally accepted • Easy to carry • Convenient for transactions Ms. Ramos

  10. Trade creates Economic Interdependence • depend on others/ other countries Ms. Ramos

  11. dullmensclub.com http://www.shutterstock.com/pic-23004469/stock-photo-a-typical-american-hearty-breakfast.html

  12. Columbian Coffee Kansas Wheat Florida Orange Juice Nebraska Pork dullmensclub.com Idaho Potatoes Iowa Eggs http://www.shutterstock.com/pic-23004469/stock-photo-a-typical-american-hearty-breakfast.html

  13. Smith & the Founders believed trade & econ interdependence were key to nation’s growth • Prob when states est trade barriers w/one another • Difficult to develop national economy Ms. Ramos

  14. peoplequiz.com Ms. Ramos madmen.wikia.com

  15. Not to worry!!!…. Commerce Clause Art. I, sec. 8 to the rescue “Congress shall have the Power…To regulate Commerce with foreign Nations, and among the several states” Ms. Ramos

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