Why Trade Quiz 1: Lesson 1 and 2

Trade of goods without being forced to do so

• scarcity

• voluntary exchange

• interdependence

• coercion

People rely on multiple groups of people to get the resources that they want and need.

• independence

• dependence

• interdependence

• multidependence

A calculated average of the amount of goods and services per person in a country.

• standard of living

• interdependence

• scarcity

• productive resources

The condition of not being able to get all the goods & services one wants. It exists because human demand for goods & services exceed the quantity of goods & services that can be produced using all the available resources.

• scarcity

• surplus

• coercion

• voluntary exchange

Foreign goods being sold in your own country.

• imports

• exports

Domestic goods being sold in other countries.

• imports

• exports

Exchanging goods, services, or for other goods, services, or resources; or for money

• trade

• exports

• imports

• globalization

Used to produce or provide a good or service (i.e. land, labor capital goods)

• productive resources

• unproductive resources

• things & stuff

• tools/technology

The geography of Midwest United States is ideal for growing crops like wheat, corn, & beans. Egypt & Saudi Arabia have large oil deposits underground, beneath the desert sands. The demand for oil in the United States exceeds our domestic supply of oil, & the demand for basic crops like wheat far exceeds what Egypt & Saudi Arabia can produce domestically. Which economic concept describes the relationship that these countries should have?

• Import

• Export

• Scarcity

• Interdependence