World
Trade
Vocab
Trade
Vocab
A good that is sent to another country for sale is a(n)
Export
Why are U.S. businesses moving many manufacturing jobs overseas?
Labor costs less in foreign countries
LDC stands for what?
Less Developed Country
This synonym for tax is placed on imports to help protect domestic businesses
Tariff
What is the literacy rate?
The proportion of a country’s people that can read and write
A good that is brought in to another country is a(n)
Import
The largest provider of development assistance to less developed countries is the
World Bank
International Giving Fund
League of Nations
United Nations
1.World Bank
Another term for an LDC is a
3rd World Country
A region where a group of countries agrees to reduce or eliminate trade barriers is known as a
1. Global Marketplace
2. Free Trade Zone
3. Import Quota Area
4. Economic Barrier
Free trade zone
DOUBLE JEOPARDY!!!
After the colonial era many LDCs gained independence and turned to what type of economy?
Command/Communist
A trade deficit is
Importing more than exporting
Development is the:
1. services and facilities necessary for an economy to function
2. level of farming in which a person raises only enough food to feed his or her family
3. extensive organization of an economy for the purpose of manufacture
4. Process by which a nation improves the economic, political, and social well-being of its people.
4. Process by which a nation improves the economic, political, and social well-being of its people.
DOUBLE JEOPARDY!!!
When the most intelligent people of a country leave for better economic or educational opportunities it is called
Brain Drain
What is one positive and one negative in regards to world trade?
Positive: Availability of goods, possibility to make money, improved diplomatic relationships
Negative: debt, trade deficit, outsourcing
Which nation has the largest GDP?
U.S.A.
The term that means countries around the world rely on each other
Interdependence/Globalization
The value of one country’s currency in comparison with another country is the
Exchange Rate
Malnutrition is a major problem in many LDCs. What does this mean?
Inadequate nutrition
The United States trade deficit first became a problem in the 1970s because
The prices of imports from China increased dramatically
The price of foreign oil was raised by the European Union
The prices of imports from Japan increased dramatically.
The price of foreign oil was raised by OPEC and the U.S. had a growing dependence on it.
The price of foreign oil was raised by OPEC and the U.S. had a growing dependence on it.
What does specialization mean in regards to world trade?
Certain countries produce certain things and trade for what they cannot make themselves
The relationship between a nation's imports and its exports is referred to as the
Balance of Trade
NAFTA and the European Union are examples of
1. Trade Barriers
2. Protective tariffs
3. International Trade Agreements
4. Exchange Rate systems
3. International Trade Agreements
Highways, bridges, and dams are part of a nation's ____________, often which is lacking in LDCs
Infrastructure
How does a nations natural resources affect the nations production/trade?
Dictate what is produced and what needs to be traded for.
what causes the United States to have a trade deficit?
The U.S. imports more than it exports