International Trade Standard 4

The voluntary exchange of goods and services

• export

• specialization

• trade

• import

Trading with as many countries that are willing to trade with you

• Unlimited Trade

• Limited Trade

• Import

• Export

When a country concentrates its productive efforts on producing a limited variety of goods. It has to give up producing other goods and relies on obtaining those other goods through trade.

• Trade

• Specialization

• Export

• Import

How much of the GDP, all the final goods and serves, is available for each person in a country. Used to determine a country's standard of living.

• GDP

• GDP per capita

• Import

• Limited Trade

When a country sends its goods or services AWAY to other countries

• unlimited trade

• import

• export

• limited trade

When a country RECEIVES goods or services from other countries

• trade

• specialization

• exports

• imports

Trading with only a limited number of countries

• Unlimited Trade

• Specialization

• Limited Trade

• GDP

The total market value of all final goods or services produced in a year.

• GDP

• GDP Per Capita

• Specialization

• Export

In the 1800's, why would people make their own goods and services rather than purchasing it at a store?

Provide an example of interdependence