Show:
Absolute or Comparitive
Reasons for Trade
Balance of Trade or Payments
Trade Barriers
To Trade or Not To Trade
100
This is when a country can produce a product using less resources than another country
What is absolute advantage?
100
When a country needs something they don't have they use this in order to get what they need.
What is trade?
100
This is the rate at which nations trade with other nations.
What is balance of trade?
100
These are special taxes placed on imported goods.
What is a tariff?
100
When it comes to this countries are able to trade without any barriers.
What is free trade?
200
This is when a country can produce a good at a lower opportunity cost than another nation.
What is comparative advantage?
200
Countries trade out the goods they have a _______ of in order to get the items they have a shortage of.
What is surplus?
200
This is the value of all money coming into the country from exports, minus all of the money going out due to imports.
What is balance of payments?
200
This is a limitation on the amounts of a particular good that can be imported into a country.
What is quota?
200
There are none of these when it comes to free trade.
What are limitations?
300
Whoever can produce more, more efficiently, has the absolute advantage.
What is absolute advantage?
300
Most countries trade with others because they have the ___________ advantage over the other.
What is comparative?
300
When you pay for this it takes money out of your economy.
What is imports?
300
When a country or several countries refuse to trade with another country it creates this
What is an embargo?
300
Many people believe that free trade can improve this.
What is economic efficiency?
400
The cost of producing each item must be considered when determining this
What is comparative advantage?
400
Countries usually focus on _________ what they do best.
What is producing?
400
Your economy gains money when you get paid for this.
What are exports?
400
These are the specific guidelines for coming into a country.
What are standards?
400
Free trade allows people to ________ their wants and needs at the lowest possible price.
What is purchase?
500
If you can produce something at a lower cost then you have this
What is comparative advantage?
500
These trade what they are able to produce effectively for things they cannot.
What are countries?
500
This can be either favorable or unfavorable.
What is balance of trade?
500
This is a payment from the government to a business.
What is a subsidy?
500
Allows _____ _________ countries to develop.
What is under developed?