Global Supply Chain
A product moves through different countries during production and trade.
Global Supply Chain
What does DRC stand for?
Democratic Republic of the Congo
What economic system gives the government the most control?
Command
What tax is placed on imported goods?
Tariff
What is it called when a country focuses on making certain products?
Specialization
What country is known for assembling many electronic products?
China
What is one important resource mined in the DRC?
Lithium
What type of economy combines command and market characteristics?
Mixed
What limits the amount of a product that can be imported?
Quota
What do countries do when they exchange goods and services?
Trade
What country is very important to the global supply chain and is known for its natural resources.
DRC (Democratic Republic of the Congo)
What continent is the DRC located in?
Africa
What are the three economic questions every country must answer?
What to produce, How to produce, and For whom to produce.
What is a government restriction on trade called?
Trade Barrier
A high literacy rate usually mean a __________ GDP per capita
Higher
If Country A makes pencils and Country B makes paper, what could they do to get what they need?
Trade
This natural resource is used to help develop electric batteries in cars and iPhones.
Cobalt
Which economic system gives businesses and individuals more freedom to make choices?
Market
The main reason for setting tariffs on imports is to __________ domestic imports.
Protect
What is it called for the percentage of people in a country can read and write in a country.
Literacy Rate
True or False, Apple uses materials from all over the world to create the iPhone.
True
The DRC must import _____________ and _________________ goods.
Technology and Manufactured
What tool shows where countries fall between command and market economies?
Economic Continuum
What trade barrier completely stops trade with a country?
Embargo
Materials that naturally come from the Earth are called ___________________.
Natural Resources