Specialization and Trade in Latin America

Match the definition to the term:

successful and profitable

• mutually benficial

• prosperity

• slf-sustaining

• alliances

Match the definition to the term:

helps and has a positive impact on both countries

• voluntary trade

• prosperity

• mutually beneficial

• alliances

Match the definition to the term:

focusing or concentrating on a specific range of products and services that can be produced in a cost effective manner

• specialization

• mutually beneficial

• self-sustaining

• prosperity

Match the definition to the term:

a market in which buyers and sellers have the right to buy and sell freely

• voluntary trade

• trade

• mutually beneficial

• specilization

Match the definition to the term:

the ability to survive on only what is available

• propserity

• self-sustaining

• specilization

• trade

Which is the best description of a successful economy?

• mutually beneficial

• strong trading partners

• voluntary

• all of the above

Which is the best description of specilaization?

• voluntary trade

• having many trade relationships

• offering free trade

• focusing on a range of products that are readily available

It makes sense for a country to produce everything it is capable of:

• True

• False

How should a country produce goods and services to trade?

• Cheaply

• Quickly

• Cost effective and efficiently

• Inefficiently

Which is the best description of voluntary trade?

• a market where buyers have all of the power

• a market where sellers have all the power

• a market where buyers and sellers have the right to trade freely

• a trading system where people volunteer in factories to keep costs down