Specialization Flashcard review

Front

Which country might trade its agricultural technology for petroleum? Options: Nigeria, South Africa, Saudi Arabia, Israel

Back

Israel

Front

Why might China wish to engage in trade with South Africa? Options: South Africa has many valuable minerals needed by industry., South Africa's large labor force enables it to produce cars inexpensively., South Africa's high-tech industries allows its workers to specialize in computers., South Africa's large number of industries allow it to export machinery

Back

South Africa has many valuable minerals needed by industry.

Front

Why are most countries better off specializing in the production of particular goods, and then trading with other nations to obtain whatever else they need? Options: Transportation costs are lower than they were a century ago., Resources are not evenly distributed among countries., Greater investment of capital goods increases productivity., People have limited resources to satisfy unlimited wants.

Back

Resources are not evenly distributed among countries.

Front

Country X can manufacture a particular product better and at a lower cost than country Y can.
What conclusion can be drawn from this situation?

Back

Country X should sell that product to Country Y.

Front

What product should Ghana specialize in making? Options: cars, computers, cocoa, industrial industry

Back

cocoa

Front

What principle of economics is illustrated by the following statements?
1. Nation A produces cars more efficiently than it can grow food crops.
2. Nation A produces cars and buys food from Nation B.

Back

Specialization

Front

Based on the information that Ghana was the 11th most friendly country in the world and ranked highest in popularity among travelers in Africa, what steps might Ghana's government consider?

Back

Greater development of its tourism trade

Front

Which statement can be inferred from the information in the chart? Options: China's largest export to South Africa is iron and steel., South Africa buys all of its electronic equipment from China., China sells more precious stones to South Africa than it imports from it., South Africa's exports to China are mainly natural resources.

Back

South Africa's exports to China are mainly natural resources.

Front

Which would be the best title for this graphic organizer?
Options: Positive and Negative Effects of a Command Economy, The Average Cost of Producing Goods and Services, The Benefits of Specialization and Trade, Improving the Skills of a Country's Workforce

Back

The Benefits of Specialization and Trade

Front

Countries benefit by specializing in the production of a limited number of goods.
How does this situation encourage trade among countries?

Back

Since a country cannot produce all of its needs, it makes sense for it to specialize in what it can produce efficiently, then trade with another country that specializes in what it needs.