SS6E8

When countries exchange goods or services with each other.

• Bartering

• Specialization

• International Trade

• Free Trading Zone

In order for one country to trade with another country they must _______.

• Establish a free trade zone

• Have a system to exchange currencies

• Pay a 20% tariff and follow import rules

• Have similar GDP per capita

Taxes on imported goods

• Quotas

• Tariffs

• Embargos

• Sanctions

Numbers limits on imported goods.

• Quotas

• Tariffs

• Embargos

• Sanctions

A stop or ban on trade with a country.

• Quotas

• Tariffs

• Embargos

• Sanctions

Produce a good or service after buying resources from another country.

• Quotas

• Tariffs

• Embargos

• Specialization

The European Union has created a common economic market to strengthen the economies of its members. Another purpose of the European Union is _______.

• To promote peace among member nations

• To make trade more difficult with other countries.

• To become one huge mega-country

• To control the world economy

When one country specializes in a good or service they can ______.

• Produce a good or service more efficiently and cheaply.

• Produce a good or service that no other country can produce.

• Produce a good or service to sell in countries close to them.

• Produce a good or service after buying resources from another country.