Free Trade Agreements
What is free trade?
International trade left to its natural course without tariffs, quotas, or other restrictions.
A tax on imports
Tariff
Selling the same product and using the same promotion methods in all countries.
Globalization
Goods or Services sold to other countries.
Exports
This president was the first to ever attend a Super Bowl.
Donald Trump
This organization is responsible for overseeing global trade and resolving disputes
World Trade Organization
A total ban on specific goods coming into or leaving a country.
Embargo
Letting another company use a trademark, patent, special formula, company name, or some intellectual property for a fee or royalty.
Licensing
Goods or services purchased from other countries.
Imports
The 16th president who was the tallest president ever. His most famous speech took place in a cemetery located 30 minutes south of here.
Abraham Lincoln
This free trade agreement allows for free trade between Canada, United States, and Mexico?
USMCA
A government’s establishment of economic policies that systematically restrict imports to protect domestic industries.
Protectionism
Creating specifically designed products or promotions for certain countries or regions
Customization
The financial gain a business makes after subtracting all expenses from revenue.
Profit
The 32nd president, who was the only president to ever serve more than 2 terms. He was the president that lead the United States through World War II. He is also where the name "Teddy Bear" got its origins?
Franklin D. Roosevelt
This free trade agreement was replaced in 2020 and replaced with the USMCA
NAFTA
A Limit on either the quantity or the monetary value of a product that may be imported.
Quota
A large corporation that has operations in several countries.
Multi-nationals
The revenue from sales minus the cost of goods sold (COGS).
Gross Profit
The 40th president, an actor turned politician from California, he won his reelection bid by a margin of 525-13 in the electoral college, losing only Minnesota and DC. He is considered one of the most popular presidents ever.
Ronald Reagan
This free trade agreement established a common currency in Europe
EU
The United States has had an embargo with this country since 1958.
Bonus #1: Which president tried to end the embargo?
Bonus #2: Which president reinstated the embargo?
Cuba
Obama
Trump
Pringles sells their pizza Pringles in the US and China. They do not change the product in any way and use the same promotion methods as they do in the US. This is an example of:
Globalization
A company has $200,000 in revenue and $80,000 in cost of goods sold (COGS). What is the gross profit?
$120,000
The 27th president who served from 1909-1913. He is the largest president ever weighing in at over 300 pounds and there is a rumor that he once got stuck in a bathtub.
William Taft