Voluntary Trade

Why do people trade?!

Countries specialize in what they ____________.

• do the worst at

• do the best at

• enjoy the most

• dislike the most

Which are correct about specialization?

• It is the most efficient way to work.

• It makes the price of products more expensive.

• It allows people to like the products more.

• It makes the price of products lower.

What is ONE word that can describe what a barrier is?

*cannot use "barrier"*

Which natural trade barrier do you think would be the hardest for a country to navigate around?

• Mountains

• Lack of access to bodies of water

• Deserts

• Rainforests

Which political barrier puts a tax on imported goods?

• Tariffs

• Quotas

• Embargoes

• Natural Barriers

What could be a reason that Columbia might put a tariff on coffee (an added tax on imported coffee)?

If a quota is put on the amount of goods that can be imported into the country, what could happen?

• Shortages in products

• Abundances in products

When the United States imposed an embargo against Cuba, it put (a)   on Cuba's communist government to change.

What has to be done for one country to trade with another country if they have different forms of currency?