Formative Task 3

Part 1 - Economic Globalization Overview

You will be diving into one of the most prevalent forms of globalization: the world economy. With the growth of communication technology, namely the internet, world economies are more closely related and bound to each other than ever before. We have seen this phenomenon evolve over the last 100 years as countries have the ability to communicate and do business with each other daily.

Your Job

Using any of the resources provided below, you will accomplish 4 things:

1. Define Economics in your own words

2. You will develop a working definition of economic globalization

3. Provide two examples of economic globalization and connect the examples to your definition

4. Create 3 questions for discussion based on the resources provided (we will be using these tomorrow in groups). The questions should reflect an understanding of what is/is not economic globalization.

You must use the first resource when developing your definition. Feel free to use any of the other links that you see fit to assist with developing your examples and creating your questions. You are also able to include any other outside resources.

Assignment

Resources

What is Economics?

Economic Globalization (Required)

• Silk Road

• USMCA

• European Union

• USA Imports vs. Exports (challenging read)

Part 2 - Effects of Economic Globalization

We will be spending some time looking at the effects of economic globalization. You will be learning how global economies experience growth, along with risks, as it is related to economic globalization.

Your Job

You will create a one page infographic that explains several things listed below:

1) Economic Growth

2) Benefits of Economic Globalization

3) Risks of Economic Globalization

4) What do you want others to know about economic globalization

5) How does economic globalization impact you?

Your infographic can come from one Google Slide, a Google Doc, Canva, Google Draw, or any other app (just let me know which one you choose if it is different from what I have listed).

Infographic Examples

Economic Growth

Impact of Globalization on Economic Growth

How Globalization Affects Developed Countries

You will first be completing an assignment that relates to comparing the prices of goods in the past vs. today. As you are identifying the current prices of specific items, consider the impact on the individual consumer when trying to pay for these items.

Assignment Link

Part 3 Continued - Global Inflation and its Causes

Use the resources provided to answer this question in a CER format:

Why is inflation so high globally? In your response, be sure to identify at least 3 reasons why inflation is high (with evidence to support) and how inflation is impacting the world.

• You can create any product of your choosing to complete this assingment.

Resources

• Why is Inflation so High? Forbes

• Global Inflation Tracker FT

• World Economic Outlook IMF (International Monetary Fund)

• Inflation Explained New York Times

Part 4 - Socratic Seminar

To prepare for the next Socratic Seminar, please review the following passages from a Worldbook article on "Money."

"Money is anything accepted by members of a community in exchange for the things they sell or the work they do. Economists, the scholars and researchers who study how people produce and distribute goods and services, say that money used in this way serves as a medium of exchange. Money can also be used as a store of value—that is, people can save it for future purchases and living expenses. Finally, money serves as a unit of account. People state the price of goods and services in terms of money, just as they use hours to express time and miles or kilometers to measure distance.

Most objects used as money share at least three traits. (1) The objects are durable and portable. Things that are easily broken or that cannot readily be taken to the marketplace are difficult to use as money. (2) The objects are easy to quantify (count). For an object to be useful as money, people must be able to see how much of it exists and to know its value. (3) The objects are rare, but not so rare that people in the group are unfamiliar with them. If an item is too common, people will not trade valuable things for it. But objects used as money cannot be too rare. Everyone in the community needs to know about the object, agree that it has value, and want it."

After reading this section, consider ways to answer this question: what is money and why is it important?

Does US currency have the three traits listed?

How money developed

"Before agriculture, people got their food by hunting wild animals and gathering wild plants. Hunters and gatherers exchanged most items that they needed among members of a family or clan. It was not difficult to remember obligations within such a small group. As human societies developed from a hunting and gathering lifestyle to an agricultural one, economic exchanges became more complex.

Only when humans began living in communities that practiced farming instead of hunting and gathering did money become necessary. Agriculture allowed communities to grow much larger than they could under a hunting and gathering system. The simple social relationships of a small society gave way to far more complex relationships that were difficult to track. People required a more universal medium of exchange to get the things they needed.

Objects used as money in ancient times included beads, cacao beans, shells, and stones."

Why do we need money?

How do we use money today?

Cryptocurrency

In this section, you are going to learn about the newest form of international currency, cryptocurrency. The prevalence of cryptocurrencies like Ethereum, Bitcoin, and even meme-inspired Dogecoin have boomed over the last 10 years (especially the last 2). With these new forms of currency, people have been using them in unique ways. Rather than using them for purchases, people have been investing in cryptocurrency to drive up their values (similar to speculation in the stock market).

Simplified Overview

What is Bitcoin? (Video)

Kids Mining Crypto

China and Cryptocurrency

1) What is cryptocurrency?

2) Why would people be skeptical of it?

3) Why would countries want to declare it illegal?