Why do nations trade?
No country can make everything it needs because of this basic problem.
What is scarcity?
A tax placed on imported goods.
What is a tariff?
Trade with very few rules and lower prices for consumers.
What is free trade?
The U.S. exports airplanes, medical equipment, and this major entertainment product.
What are movies and music?
NC’s top export to the world.
What are pharmaceuticals?
A country has this when it can make more of a good than another country.
What is absolute advantage?
A rule that limits how much of a product can be imported.
What is a quota?
Fair trade products cost more because they include these protections for workers.
What are fair wages and safe conditions?
This currency is trusted around the world and used in global trade.
What is the U.S. dollar?
NC is the #1 U.S. producer of this crop.
What are sweet potatoes?
Countries gain from trade when they make the good they give up the least to produce.
What is comparative advantage?
A penalty used to pressure another country without banning all trade.
What is a sanction?
This fair‑trade requirement can be expensive and hard for small farmers to get.
What is certification?
This agency checks the safety of imported food and medicine.
What is the FDA?
These chemicals made in NC help speed up industrial reactions.
What are industrial catalysts?
When a country focuses on making one good really well, it is doing this.
What is specialization?
A group of countries that trade more freely with each other, like USMCA.
What is a trade bloc?
Fair trade supporters say this group benefits most from guaranteed prices.
Who are farmers in developing countries?
This agency helps U.S. companies sell their products in other countries.
What is the ITA?
Name one NC industry that connects the state to national and global supply chains.
What is pharmaceuticals, aircraft parts, chemicals, or advanced manufacturing?
Countries benefit from trade when they specialize in the good they give up the least
What is lower opportunity cost?
A complete stop to trade with a country.
What is an embargo?
This group often benefits most from free trade because of cheaper imports.
Who are consumers in developed countries?
Ports like Savannah and Charleston help move goods through this worldwide system.
What is the global supply chain?
If global demand for pharmaceuticals suddenly dropped, which part of North Carolina’s economy would feel the biggest impact, and why?
What is the RTP/Piedmont region, because it depends heavily on pharmaceutical production and exports?