Voluntary Trade & OPEC

________________ occurs when different countries choose to engage in the exchange of goods with one another.

• Crimes

• Voluntary Trade

• Specialization

• Tariffs

Voluntary trade is good because...

• it lets a country sell its own resources and buy the resources it doesn't have

• it allows countries to monopolize goods and services

• it allows countries to take over resources

• It isn't a good thing

__________________ is when a country focuses on what resources they have and services that they do best.

• Voluntary Trade

• Bartering

• Specialization

• Trade Barriers

Saudi Arabia, Iran, Iraq, and Kuwait specialize in ____________ production and export millions of barrels every day.

• Turnips

• Oil

• Diamonds

• Steel

Israel specializes in the ______________ industry—it is

the world’s largest exporter of it.

• Turnips

• Oil

• Diamonds

• Steel

_________________ has a more diversified economy and

has developed important export industries in

gold, coal, textiles, and automobiles.

• Saudi Arabia

• Israel

• Turkey

• Iran

Trade barriers are natural or man-made obstacles to voluntary trade.

• True

• False

_________________ barriers are policies passed by a government to regulate trade.

• Natural barrier

• Political barrier

__________________ barriers include mountain ranges, deserts, rainforests, or lack of access to bodies of water.

• Natural

• Political

Trade barriers are used to restrict trade because they

want to produce their own goods and sell them in their own country

• True

• False