Daily Trade Connections
What do we call goods purchased from other countries and brought into your country?
Imports
Which theory says countries should focus on producing goods they make most efficiently?
Absolute Advantage
What is a tariff?
A tax on imported goods
What does WTO stand for?
World Trade Organization
What does “HS” stand for?
Harmonized System
Name one major product Taiwan exports.
Semiconductors / Chips / Bicycles
Who introduced the idea of Comparative Advantage?
David Ricardo
What is an import quota?
A limit on the quantity or value of imported goods
In what year was the GATT established?
1947
What is one function of HS Codes?
Common trade language / Statistical data / Tax calculation
In the “Trade Stories in Your Pocket,” which country designs the iPhone?
United States
What was the main belief of Mercantilism about national wealth?
Wealth = Gold and Silver
What is an embargo?
A complete ban on trade with a specific country
What is one key achievement of the WTO system?
Reduced tariffs / Expanded global trade
How does HS Code help with trade control?
Enables customs to implement regulations and restrictions
Coffee beans in Taiwan are mostly imported from which regions?
Central/South America and Africa
According to Comparative Advantage, what concept determines trade benefits?
Opportunity Cost
What’s the main effect of subsidies on local producers?
Lowers production cost and increases competitiveness
Name one major regional trade agreement.
USMCA / EU / CPTPP
HS Codes are essential for calculating what government revenue?
Tariffs or Customs Duties
What is the term for the interconnected network of sourcing, production, and assembly across countries?
Global Supply Chain
Give one example of specialization mentioned in class (country + product).
Taiwan – Semiconductors / Germany – Cars / Costa Rica – Coffee
Which trade barrier requires a product to include a certain percentage of local materials?
Local Content Requirement
What challenge does the WTO face today?
Slow decision-making / Environmental and labor concerns
Name two ways HS Codes support international business.
Statistical trade data and reference for trade documents