Trade Advantages
Trade Barriers
South Korea Economy
Free trade/ Protectionism
Mr. Wood
100
Occurs when producers decide to produce only certain goods and services
What is specialization?
100
A self imposed limitation on the number of products shipped to a particular country
What is a volunatary export restraint?
100

around 1.7 trillion dollars

What is the current SK GDP?

100
One of the arguments for protectionism that says workers in industries that would be hurt by foreign competition need protecting
What is protecting jobs?
100

How old is Mr. Wood? (American age...)

39 

200
The ability to produce more of a given product using a given amount of resources
What is absolute advantage?
200
A cycle of increasing trade barriers
What is a trade war?
200

3.7%

What is the current unemployment rate?

200
One of the arguments for free trade that says certain industries claim trade protection when in fact their products are not essential to national security at all
What is safeguarding national security?
200

What is Mr. Wood's favorite FAST FOOD restaurant?

McDonalds

300
Betty produces 6 batches of brownies per hour and Tom produces 1 batch of brownies per hour
What is absolute advantage?
300
It has three common forms: import quotas, voluntary export restraints, and tariffs.
What is a trade barrier?
300

when the economic activity in an economy is on the decline

What is a recession?

300
The 3 reasons a country imposes trade barriers
What are protecting workers' jobs, protecting infant industries, and safeguarding national security?
300

Name at least TWO foods that Mr. Wood hates.

Mushrooms, cucumbers, eggs, cheese, milk, eggplant...

400
The nation with this should specialize in producing that good
What is comparative advantage?
400
The country of MaryAnnia limits the anual amount of brownies coming into the country from other nations
What is an import quota?
400

What is South Korea's SECOND largest trade partner?

Japan

400
Argument side that says that infant industries will become inefficient with too much protection
What is free trade?
400

What is the last Korean movie that Mr. Wood has seen?

๊ทนํ•œ์ง์—… (Extreme Job)

500
To determine comparative advantage, you should look at this.
What is opportunity cost?
500
Leichtenstein (a country) put a self imposed limitation on a number of chocolate chips that they shipped to the US.
What is a voluntary export restraint?
500

South Korea is the __________ largest export economy in the world. (Give me a number ranking...)

5th

500
A textile industry that was founded only two years ago
What is an infant industry?
500

How many times has Mr. Wood auditioned for a Korean singing competition?

Four.

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