Trade Summative Review

The transfer of goods or services from one country to another country

• Trade

• Interdependence

• Specialization

• Imports

Countries depend on each other for goods and services

• Imports

• Domestic Goods

• Interdependence

Goods or services entering a country

• Imports

• Exports

• Foreign Goods

Goods made outside of your country

• Imports

• Exports

• Foreign Goods

The quality of life in a country

• Domestic Goods

• Gross Domestic Product

• Standard of Living

Goods or services leaving a country

• Imports

• Domestic Goods

• Exports

Goods or services made inside your country

• Foreign Goods

• Imports

• Domestic Goods

A country focuses on the production of specific goods or services

• Interdependence

• Trade

• Specialization

Trade Barriers are restrictions that governments place on other countries to regulate or prevent trade.

• True

• False

No restrictions or regulations on trade

• Fair Trade

• Free Trade

• Trade Barriers