Specialization and Trade

Goods and services produced in other countries and sold at home

• Imports
• Exports
• Specialization
• Globalization 

Good and services produced at home and sold in other countries

• Imports
• Exports
• Specialization
• Globalization

A focus on developing only certain skills or producing only certain goods/services

• Imports
• Exports
• Specialization
• Globalization

A tax on imports

• tariff

• import tax

• supply

• embargo

The total dollar amount of all final goods and services produced in a country in a year divided by the country's population.

• Gross Domestic Product (GDP)

• Gross Domestic Product per Capita

• Standard of Living

• Scarcity

A limit to the number of imports that may enter a country

• tariff

• embargo

• demand

• quota

A government order stopping trade with another country

• tariff

• embargo

• quota

Which is an example of a quota?

• The U.S. stops trade with China.

• The U.S. limits the amount of foreign cars brought into our country.

• The U.S. pays a high tax on BMW cars brought into the country.

In 1962, the United States prohibited all imports and exports to and from Cuba.

• Tariff
• Embargo
• Quota

The process by which people and economies around the world are becoming increasingly interconnected

• Imports
• Exports
• Specialization
• Globalization