Specialization and trade

When a country focuses on a particular type of good or service.

• Command

• Specialization

• Market

• Traditional

When a country specializes in a good or service, the more it will need to

• Trade with other countries

• Stop all trade

• Charge more taxes

• Increase tariffs

Which Latin American country is the region's largest exporter?

• Brazil

• Mexico

• Cuba

• Canada

What is a tariff?

• A limit on imports

• A total block on trade

• A tax on imports

• Raw sugar

Which is a reason a government might set a quota on foreign goods?

• To protect its own natural resources

• To encourage investment in human capital.

• To protect its own businesses from competition.

• To increase taxes on exports.

The United States' ban on trade with Cuba is an example of which type of trade barrier?

• Tariff

• Quota

• Embargo

• Subsidy

What is the main goal of NAFTA?

• To limit trade with Cuba

• To increase trade with Brazil

• To increase trade between North American countries

• To increase tariffs with Mexico, Canada and the USA

Reduce trade barriers and increase trade in North America

Establish safe, fair conditions for workers in all three countries

Establish the market for all goods and services

Establish clear rules for trade and procedures to resolve trade disputes

These are:

• Reasons for the Cuban embargo

• Reasons we don't trade with Brazil

• Goals of NAFTA (USMCA)

• I have no idea

What must be done in order to purchase goods or services in another country?

• A tariff must be removed

• An embargo must be lifted

• Nothing! Shop away

• Currency must be exchanged.

The ______ _______ tells you how much one country's currency is worth compared to another currency.

• Tariffs

• Exchange Rate

• Export ratio

• Customs official