Int
Why do Nations Trade
To get more through Comparative Advantage
Does the US import or export more
Import (Buy)
What is a Tariff
A tax on imported Goods
What concept does per unit opportunity cost relate to
Comparative Advantage
What are some things the US exports
Entertainment, Technology, and Music
What is an embargo
Refusal to Trade with another usually due to it's system.
What is another reason Nations Trade
Scarcity----Your Country's resources are limited.
Land, Labor, and Capital
Why do countries have Trade Barriers
To protect Jobs and National Security
Trade Barriers lead to
Trade Wars
If one country can produce more of everything than another Country
Absolute Advantage
Trade Barriers are associated with
Protectionism
What free trade agreements involves the US, Mexico, and Canada
USMCA
Explain terms of trade being beneficial to both countries
Export more at a higher cost and Importers buying less than the cost of doing it themselves
What are the Benefits of Free Trade
Better quality and lower costs
When you export more than you import
Trade Surplus