Vocabulary Lesson 1: Why and How Nations Trade Lesson 2: Economic Systems and Development Lesson 1 & 2 All of Chapter Review
100
What is
import- to buy good from another country
export- to sell goods to other countries
What does import mean? What does export mean?
100
What is
Comparative advantage.
What is the main reason countries trade?
100
self-interest
Fill in the Blank
In a market economy, individuals act in their own ______-______
100
What is
United States, Mexico, Canada
What 3 countries joined together to create the largest free trade zone in the world?
100
What is
Developed countries are countries with a high standard of living.
A developing country is a country that does not have an advanced economy.
What is the difference between a developed country and a developing country?
200
What quota mean?
What is
a limit on the amount of foreign goods imported into a country
What quota mean?
200
What it
Protectionism- is the use of tactics that make imported goods more expensive than domestics goods.
What is Protectionism?
200
What is
Freedom
What does market economies give people?
200
What is
World Trade Organization
What is the WTO?
200
What is
a high rate of population growth
What is one major obstacle to development?
300
What is
Balance of trade- the difference between the values of a nation's imports and its exports
What does balance of trade mean?
300
27
Fill in the blank
The benifits of free trade encouraged _____ European nations to form the largest econemy in the world.
300
What is
a command economy
What is the opposite of a market economy?
300
What is
it promotes unity among nations and economic development in Africa
What does the African Union Promote?
300
What is
They have to create more jobs faster
What is one challenge countries with high rate of population face?
400
What is
Privatization- the process of changing from state-owned buisnesses, factories, and farms to ones owned by private citizens
What does privatization mean?
400
What is
trade surplus
What is a postive balance of trade?
400
What is
socialism
What are the roots in command economies known as
400
What is
subsidies
What is one way governments protect domestic industries?
400
What is
Import is when the country brings goods into the country
Export is when goods leave the country
What is the differnece of import and export?
500
What is
developed country- a country with a high standard of living, a high level of industrialization, and a high per capita income
What does developed country mean?
500
What is
The value of one currency in terms of another
What is exchange rate?
500
What is
command economies
What is central planning related to
500
What is
Command economies
Cuba
North Korea
Fill-in-the-Blank
________ economies are not very efficent. ______ and ________ _________ have low GPD's per a capital.
500
What is
A subsidy is a payment or other benifit given by government to help domestic producer
What are subsidies




Ch 24: Internation Trade and Economic Systems

Press F11 for full screen mode




Edit | Download / Play Offline | Share