Imports & Exports
This term means goods brought into a country.
What are imports?
A tax placed on imported goods.
What is a tariff?
When countries become more connected through trade
What is globalization?
The value of money between two countries.
What is an exchange rate?
One reason countries trade is to get these goods they cannot produce easily.
What are different or needed goods?
This term means goods sent out of a country.
What are exports?
A limit on how many goods can be imported.
What is a quota?
A major benefit of globalization is having more of these available to consumers.
What are goods?
When a country imports more than it exports.
What is a trade deficit?
This explains why a country should produce goods it makes most efficiently.
What is comparative advantage?
Buying cars from Japan is an example of this.
What is an import?
A restriction that makes trade harder between countries.
What are trade barriers?
This allows countries to produce goods more efficiently by focusing on strengths.
What is specialization?
When a country exports more than it imports.
What is a trade surplus?
A country buys more goods than it sells. This is called this.
What is a trade deficit?
Selling wheat from the U.S. to another country is this.
What is an export?
Which type of barrier would limit the number of foreign cars allowed into a country?
What is a quota?
Globalization often leads to companies doing this to reduce costs.
What is moving jobs to other countries (outsourcing)?
A weak currency makes exports this.
What is cheaper?
A company moves production to another country to save money. This is called this.
What is outsourcing?
This happens when a country focuses on producing certain goods to be more efficient.
What is specialization?
This type of policy can completely ban trade with a country.
What is an embargo?
One negative effect of globalization is that some workers in wealthier countries may lose these.
What are jobs?
This is the type of money used in a country.
What is currency?
One positive effect AND one negative effect of globalization.
Positive: more goods/choices, lower prices, stronger connections
Negative: job loss, inequality, environmental impact