Global Trade and Trade Policy 2

Economic and social concept that people in developing countries who produce crops and other goods need to be fairly compensated

• Specialization

• Free Trade

• Fair Trade

• Protectionism

The practice of protecting a country’s workers and industry. This can be done through the government placing tariffs (or taxes) on goods that enter the country

• Specialization

• Free Trade

• Fair Trade

• Protectionism

Economic term that describes people who do one job using the resources they have

• Specialization

• Free Trade

• Fair Trade

• Protectionism

Economic policy in which a nation does not try to limit imports or exports by enacting tariffs or subsidies, they allow as much trade with other nations as possible

• Specialization

• Free Trade

• Fair Trade

• Protectionism

How are conducting diplomacy and conducting trade similar?

• They are both ways to better equip the military.

• They are both strategies to combat terrorism.

• They are both techniques of cybersecurity.

• They are both tools of foreign policy.

What are the benefits of trading?

Select 3 correct answers.

• job growth

• increased production efficiency

• over using natural resources

• larger markets

Which of the following is a disadvantage of global trade?

• If demand falls, more specialized jobs will be deleted.

• New industries can grow because of competition from foreign producers.

• You can purchase rare items from other countries.

• Local producers might suffer because a foreign product will be cheaper than theirs.

What is a negative impact of treaties such as the North American Free Trade Agreement (NAFTA)?

• higher wages for low-skill workers

• Increased innovation among entrepreneurs

• increased safety regulations

• job loss in domestic industries

Fill in the blanks below with the correct vocabulary word.

Scenario #1 The United States places a 17% ______ on all Korean made electronics, to make American made electronic more affordable.

• Embargo

• Regulations

• Tariff

• Quota

Fill in the blanks below with the correct vocabulary word.

Scenario #2 Congress set a _____ and sent it to the president to sign. This would limit the amount of mangos the United States imports to two thousand pounds of mangos a year from Brazil.

• Embargo

• Regulations

• Tariff

• Quota