Trade & Globalization
This country exports the most goods in the world.
China.
If the exchange rate of your currency goes up, does it make imports cheaper or more expensive?
Cheaper.
When factories move to cheaper countries, it is called...
Outsourcing.
The 2008 global financial crisis started because of bad loans in this industry.
Housing.
This Asian country is the world’s second-largest economy.
China. Some experts predict that China could overtake the U.S. in GDP in the future!
When two countries remove tariffs and trade freely, it’s called...
Free Trade.
The organization that helps struggling countries with loans.
The International Monetary Fund (IMF)
If a country raises tariffs, what happens to the prices of foreign goods?
Prices get more expensive.
If a country owes too much debt and cannot pay, it’s called...
A sovereign debt crisis.
This tech billionaire bought Twitter in 2022 and renamed it 'X'.
Elon Musk.
The World Trade Organization (WTO) does this for international trade.
Makes trade fair and solves trade disputes
When one country’s money is worth less compared to another’s, it’s called...
Depreciation
This economic idea says governments should protect their own industries by limiting imports.
Protectionism
When prices keep rising and money loses value, we call it ...
Inflation.
A major reason companies are moving production out of China to places like Vietnam and India.
To avoid high labor costs and trade tensions.
The economic idea that says each country should make what they do best.
Comparative advantage
The currency used by most countries in Europe.
The Euro.
If you lose your job because a factory moves to another country, you’re experiencing...
Labor displacement
This event shook global trade in 2021 because a massive ship got stuck in a canal.
The Suez Canal blockage.
The name for currencies like Bitcoin and Ethereum that work without banks.
Cryptocurrencies.
This agreement made trade easier between Canada, the U.S., and Mexico.
NAFTA (now replaced by USMCA)
When central banks print money or change interest rates, it also affects this important economic factor.
Inflation.
When a company makes products in one country but sells them in another, it's called ...
Exporting
The Great Depression (1929) started in this country.
The United States.
The biggest trade war in recent years was between these two countries.
The U.S. and China.