Real Life Examples
What is America?
A good or service bought in one country that was produced in another
What is an Import?
Importing goods using a currency that's worth more
What is Costs Less?
A good or service bought in one country that was produced in another
What is an Import?
Goods and services that are produced in one country and sold to buyers in a different country
What is an Export?
Country that America Imports from the Most
What is China?
England's Currency
What is the pound?
The price measured in one country’s currency of purchasing one unit of another country’s currency
What is a Exchange Rate?
When a country's exports exceed its imports
What is a Trade Surplus?
US Economic System
What is a Mixed Market?
America's Biggest Import
What is Cars?
Japan's Currency
What is Yen?
Restricts trade with a specific country
What is an Embargo?
A tax imposed by one country on goods and services imported from another country
What is a Tariff?
Difference between Comparative and Absolute Advantage
What is Comparative between partners and Advantage for everyone?
America's Biggest Export
What is Refined Petroleum?
Characteristics of a Healthy GDP (Only need 1)
What is Low unemployment/Economic Growth?
An Economies ability to produce something at a lower opportunity cost than a trade partner
What is Comparative Advantage?
A government imposed restriction that limits the number of goods that can be imported or exported
What is a Quota?
The ability to make something using fewer resources than other producers require.
What is Absolute Advantage?
The Barrier to Trade North Korea is under
What is an Embargo?
Cause of a Healthy GDP, Good Standard of Living, Healthy Employment, Economic Growth
What is a Positive Balance of Trade?
What importing more than you are exporting is called
What is a Trade Deficit?
The difference between the value of a country’s exports and its imports
What is the Balance of Trade?
Country that produces the most Coffee
Where is Brazil?