Globalization and International Trade

Watches made in Norway are worn by people in California.

• import 
• export

Tires made in Tennessee factories are used on cars in Europe.

• import
• export

Why does the United States need to import products?

• The US does not import products
• Some are easier and cheaper to make in other countries
• The US makes all of its own products

Import means

• buying goods from another country
• selling goods to another country
• only making one kind of product

Export means

• buying goods from another country
• selling goods to another country
• only making one kind of product

money that is used within a specific area or country

• exchange

• currency

• Euro

• Eurozone

• exchange rate

the rate at which one currency is exchanged for another

• exchange

• currency

• Euro

• Eurozone

• exchange rate

Which of these is a Barrier to Trade?

• a Quota

• Expensive Products

• Cost of Living

• Shark Infested Waters

A benefit, profit, or value of something that must be given up to acquire or achieve something else.

• Opportunity Cost
• Comparative Advantage
• Specialization
• Production

The benefit or advantage of an economy to be able to produce a commodity at a lesser opportunity cost than other entities is referred to as

• Opportunity Cost
• Absolute Advantage
• Comparative Advantage
• Growth