Specialization and Trade in Europe

successful and profitable

• prosperity

• voluntary trade

• trade

• specialization

• alliances

helps and has a positive impact on both countries

• prosperity

• voluntary trade

• mutually beneficial

• specialization

• alliances

focusing or concentrating on a specific range of products and services that can be produced in a cost effective and efficient manner

• self-sustaining

• voluntary trade

• mutually beneficial

• specialization

• alliances

a market in which buyers and sellers have the right to sell freely

• self-sustaining

• voluntary trade

• specialization

• alliances

buying and selling of goods and services

• trade

• voluntary trade

• voluntary trade

• specialization

• alliances

Which is the best description of a successful economy

• Mutually beneficial

• Voluntary

• Strong trade partners

• All of the above

It makes sense for a country to produce everything that it is capable of

• True

• False

How should a country produce goods and services to trade?

• Cheaply

• Cost effective and efficiently

• Quickly

• Inefficiently

Which is the best description of voluntary trade?

• A market where buyers have all the power

• A market where sellers have all the control

• A market where buyers and sellers have the right to trade freely

• A trading system where people volunteer in factories to keep costs down

(a)   allows countries to produce goods and services cheaply and efficiently which allows them to enter into a voluntary trade agreement with other countries around the world.