Category A
The selling and shipping of goods to another country
What is an export?
In International trade there are both imports and ________
What are exports?
The total value of all goods and services produced in a country within a one-year period
What is Gross domestic product (GDP)?
Trade barriers protect these industries from competition.
What are homeland/domestic industries?
Buying or bringing in goods from other countries to sell
What is an import?
The 3 Trade Barriers
What are tariffs, quotas, and embargoes?
The 4 factors of production
What are land, labor, capital and entrepreneurship.
The United States currently has this kind of trade barrier on Cuba
What is an embargo?
A tax imposed on imported or exported goods
What is a tariff?
A condition facing all societies where there are limited resources but unlimited wants and needs
What is scarcity?
Name the 4 economic systems that exist in the world.
What are Traditional, Command, Market, and Mixed economies?
Government-imposed restriction that limits the number of goods that a country can import during a particular period.
What are quotas?
A restriction on goods entering or leaving a country
What is a trade barrier?
Who benefits from global trade
Who are consumers, governments, etc.
China has this type of advantage over the United States because it produces more manufactured goods than the United States
What is an Absolute Advantage?
This situation occurs when the value of a nation’s exports exceeds the value of its imports.
What is a trade surplus?
This describes the interconnected economies of the countries around the world.
What is a global economy or globalization?
Canada, Mexico, and the U.S are part of this trade agreement
What is North American Free Trade Agreement (NAFTA) or United States-Mexico-Canada Agreement (USMCA) 2020
China has this type of advantage over the United States because it produces manufactured goods more efficiently than the United States
What is a comparative advantage?
A group of countries that agree to reduce or remove trade barriers among themselves but not others.
What is a Free Trade Zone?