Vocabulary
A tax placed on goods imported into a country
What is a Tariff?
What do SUBSIDIES help domestic producers do?
What is compete with producers in other nations?
Georgia is home to the largest and fastest growing container terminals in the world. What city is it located in?
What is Savannah?
Which of your vocabulary words determines comparative advantage?
What are Opportunity Costs?
The price ceiling sets a ________ price a good can be sold for.
What is maximum?
A country's ability to produce a good or service more efficiently that its competitors
What is Absolute Advantage?
A 3% tax has been added to the cost of importing corn from Mexico. What is that tax called?
What is a Tariff?
________ jobs in Georgia are dependent on international trade?
A. 1 in 4
B. 1 in 10
C. 1 in 5
What is 1 in 5?
In one hour, Lisa can make either 30 hamburgers or 30 orders of fries. In that same hour Alicia can make 25 hamburgers or 10 orders of fries. Who has the comparative advantage for fries? WHY?
Who is Alicia? Because she has the lower opportunity cost.
You have an 8am final on Friday morning, but your friend just convinced you to go to a party on Thursday night that costs $20 on entry. The party starts at 11pm and ends at 3am. Knowing your friends, you will be there til it ends. Name an opportunity costs of going to this party?
1. The time you could've spent studying
2. A good night's rest
3. $20 you could've spent on something else
Government payments to domestic producers that help the domestic company compete with producers in other nations
What are Subsidies?
What do quotas do?
What is limit the quantity of goods that can be imported into a country?
This company is one of the major airlines in the US, that was started and has headquarters in Georgia
What is Delta Air Lines?
China produces 30 million iphones and 10 million ipads each year, while Japan produces 25 million iphones and 2.5 million ipads during the same time period. Which country has the comparative advantage in ipad production?
What is Japan?
Trade is a ________ situation.
What is a WIN-WIN situation?
When a country, company, of individual decides to focus their labor on a specific type of production or product
What is Specialization?
The governments of Argentina and Brazil get into a huge political dispute and no longer want to trade with one another. The government in Argentina place a(n) _______ on Brazil, completely banning trade with the country.
What is an Embargo?
Georgia's #1 export is...
What are Aerospace products?
Define Comparative Advantage
What is when one producer has a lower opportunity cost in production than other countries?
The price floor sets a _________ price a good can be sold for.
What is minimum?
The amount by which the cost of a country's imports exceeds the value of its exports.
What is a Trade Deficit?
Do import standards increasing the quality and safety of affected goods benefit consumers of producers?
What are Consumers?
what are the names of Georgia's two international airports?
What is Hartsfield-Jackson Atlanta International & Savannah/Hilton Head International?
Kendra owns a fruit stand. In one hour, she can cut up 9 pineapples or 36 apples. She is expanding her business and looking at a potential hire named Drake. In one hour, Drake can cut up 6 pineapples or 12 apples. If hired, Kendra and Drake will only focus on one fruit. Should Drake cut up the pineapple or the apples?
What is pineapple?
Fill in the blank.
different opportunity costs > ______________ > allow specialization > efficiency allows gain from trade > results in a higher standard of living
What is create comparative advantage?