Comparative Advantage
What is comparative advantage?
A country's ability to produce something more efficiently than other goods.
What are exports?
Goods shipped out of a country.
What does GDP stand for?
Gross Domestic Product
If you wanted to examine the landscape of a country before visiting, what type of map would you want to look at?
Physical Map
What is a trade barrier?
Restrictions imposed by governments on international trade.
How does comparative advantage relate to trade?
It allows countries to specialize and trade for goods they cannot produce as efficiently.
What are imports?
Goods shipped into the country.
What is the main goal of economic development?
To improve the standard of living and economic health of a country.
A type of thematic map that visually represents the number of people in a specific area, showing where they live and their distribution.
What is a "Population Map?"
What is the main benefit of trade for countries?
Increased efficiency and access to a variety of goods.
Give an example of comparative advantage.
For example, if Country A can produce wine more efficiently than cars, it specializes in wine and trades for cars.
How do exports benefit an economy?
They contribute to economic growth and provide goods to consumers.
How can technology impact productivity?
It can increase the productivity of a country and better its economy.
The inaccuracy or misrepresentation of the Earth's three-dimensional surface on a two-dimensional map.
What is "Distortion?"
What are the effects of tariffs on trade?
Tariffs can lead to increased prices and reduced quantity of imported goods.
Why is comparative advantage important for countries?
It helps countries maximize their economic efficiency and resource use.
What is the relationship between imports and trade deficits?
Increased imports can lead to trade deficits if imports exceed exports
What is a characteristic of developing countries?
A weak economy, low standard of living, poor healthcare, high crime rate, etc.
If you wanted to see what the average temperature was like in a certain state before going on vacation, what type of graph would you want to use?
Climograph
What is human capital?
The skills and knowledge of workers
How can countries gain comparative advantage?
By focusing on industries where they have lower opportunity costs.
How do tariffs affect exports?
Tariffs can make exports more expensive and less competitive in international markets.
What can increase a country's level of development?
Investments in infrastructure, education, and health.
What does each letter in "TODALS" stand for when creating a map?
O - Orientation
D - Date
A - Author
L - Legend (Key)
S - Source or Scale
What is the role of currency exchange in trade?
Currency exchange facilitates transactions between countries.