Vocabulary Words
an exchange for goods and services
trade
a country is good at producing or its ability to produce a product more efficiently
comparative advantage
If the United States exchange goods and services with Canada or Japan, that is a ____ trade
foreign
What does GDP stands for
Gross Domestic Product
a tax on imports and exports
tariff
a government policy or restrictions that limits international trade
trade barrier
If the Michigan's farmers exchange their cherries for Florida's farmers oranges, that is a _____ trade
domestic
If a country has a less productivity and lower standards of living
developing country
is the amount of goods and services produced given the amount of resources used
productivity
The U.S. remove all lot of trade barriers from other countries to create
free trade
Japan has the latest technology and have a high standards of education. Japan is a __________ country
developed
is a country with a strong economy and a high standard of living
developed country
Germany can only send 200 Mercedes Benz vehicles to the U.S. This an example of a _____ of a trade barrier
quote
True or False-education can decrease productivity for a country
False
is the total value of all goods and services produced in a country in a year.
Gross domestic product
The U.S. has an ______ of a trade barrier against Cuba.
Embargo
To get the best workers, all companies must increase/decrease a workers' salary
increase