UNIT 7 REVIEW GAME International Trade Basics 1 2 3 4 5 Free Trade & Protectionism 1 2 3 4 5 Globalization Issues 1 2 3 4 5 The United Nations & Internationalism 1 2 3 4 5
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UNIT 7 REVIEW GAME
International Trade Basics
1 2 3 4 5
Free Trade & Protectionism
1 2 3 4 5Globalization
Issues 1 2 3 4 5
The United Nations &
Internationalism
1 2 3 4 5
When a country exports more than it imports.
Trade Surplus(or)
Favorable Balance of Trade
When a country imports more than it exports.
Trade Deficit(or)
Unfavorable Balance of Trade
The idea that countries are becoming more
reliant on one another.
Global Interdependence
A limit on the # of goods that come into a country.
Quota
What is a tariff?
A tax placed on an imported good.
The idea that a country should place limits or restrictions on trade.
Protectionism
Free Trade = Increased Competition. What are (2)
benefits of this?
Lower PricesBetter Quality
This is a trade agreement between the US, Canada,
and Mexico.
NAFTA
Something that limits or prevents trade.
Trade Barrier
An organization that tries to limit barriers, and promote trade among
member nations.
WTO
Why have many manufacturing jobs left
the US, and gone to other countries?
Lower Labor Costs
What is conservation, and how does it enter into the
global trade debate.
Trying to use resources more wisely. Some argue that conservation leads to slower economic growth.
What is the relationship between the price of
products and protectionism.
Protectionism leads to higher prices.
The US has a large _______ in terms of its balance of
trade.
Trade Deficit(or)
Unfavorable balance of trade
The idea that a country can produce a product at
a lower cost or opportunity cost than
another nation.Comparative advantage
What is the purpose of the United Nations.
To encourage peace or prevent war.
What type of government generally protects the people’s human rights
best?
Democracy
What type of economic system has the highest
per capita GDP?
Market Economy
Countries that are in the process of becoming more industrialized are called…
Developing Countries(or)
2nd World Countries
The process of moving factories to countries that
have lower labor costs.
Outsourcing
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