Trade and Development

_____________ is the exchange of goods and services.

A resource is anything that can be used to produce wealth. Resources are distributed evenly.

• True

• False

The buying and selling that takes place in a country is ___________ trade.

• foreign

• domestic

The buying and selling that takes place with other countries is _____________ trade.

• domestic

• foreign

What are goods and services produced inside a country and sold outside of that country.

• import

• export

What are goods and services sold in one country but produced in another?

• import

• export

A _________ is a tax on imports and exports.

What does GDP stand for?

What is the total value of all goods and services produced in a country in a year?

What is the amount of goods and services produced given the amount of resources used?