Trade
When countries exchange goods with one another.
What is voluntary trade?
This is when a country focuses on making one specific thing well.
What is specialization?
_______ is something that is assigned a value and is used to exchange goods.
What is currency?
Natural or man-made obstacles to voluntary trade.
What are trade barriers?
Something from nature such as mountains that prevents voluntary trading.
What is a natural trade barrier?
This is when countries from all around the world exchange goods with one another.
What is global trade?
Countries often specialize in what they are good at and _____ for what they do not have.
What is trade?
A country's currency's worth compared to another country's.
What is exchange rate?
A man-made thing, often created by the government, such as tariffs, quotas, and embargoes that prevents voluntary trading.
What are political trade barriers?
The Himalayan Mountains are a natural trade barrier between ________ and ________.
What are India and China?
This is anything that stops or prevents trade from happening.
What is a trade barrier?
List at least two things Japan specializes in.
What are fish, rice, cars, or electronics?
Because every countries' currency is different, we must have a system of _______ _________.
What is currency exchange?
This is a tax on an imported good coming into a country.
What is a tariff?
Tariffs and quotas encourage citizens to buy ______ items.
What is local/domestic?
This trade barrier is a complete ban on trade.
True or False: South Korea is one of the most industrialized countries in the world and specializes in electronics.
North Korea's and South Korea's currency.
What is the Won?
Tariffs and quotas raise the price on _________ goods coming into the country.
What is imported?
India places a _______ on the number of vegetables that come into the country to help local markets.
What is a quota?
This is a limit on the amount of imports that can enter a country.
What is a quota?
Japan is a small island nation with _______ natural resources.
What is limited?
This SEA country's currency is closest to the US dollar in exchange rate.
What is China's Yuan?
Trade barriers protect a nation's local producers from too much _______ competition.
What is foreign?
Many UN countries have put an _______ on North Korea as a punishment to get them to stop creating nuclear weapons.
What is an embargo?