Transcript Unit 7 Review Game

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
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 Prices
Better 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