Trade Barriers and Specialization

Forbids trade with another country

• standard of care

• subsidy

  subsidy

• embargo

• revenue tariff

What is a tariff?

• A government order to stop trade
• A limit placed on imports
• A tax placed on imports

What is a quota?

• A government order to stop trade.
• A limit placed on imports.
• A tax placed on imports.

Why would a country impose a tariff or quota on imported goods?

• to raise the price of imported goods and encourage people to buy local
• to raise the price of imported goods to help other countries make more money
• to be mean!

In 2010, China announced that it would impose and import a tax on American poultry of up 105.4 percent.

• Tariff
• Embargo
• Quota

In 2010, Mexico imposed a limit of 250,000 tons of sugar that could be imported into Mexico.

• Tariff
• Quota
• Embargo

In 1962, the United States prohibited all imports and exports to and from Cuba.

• Tariff
• Embargo
• Quota

What must you do in order to purchase goods or services when visiting a country which uses a currency different from your own?

• Currency Exchange

• Import Currency

• Specialize

• Invest

When countries focus on making certain goods because they are cheaper and more efficient to make. Also known as "Do what you do best, and trade for the rest".

• Imports

• Exports

• Specialization

• Globalization

The United Kingdom has few natural resources. However, they do very well in manufacturing, banking, and technology services. They focus on these parts of their economy and trade for natural resources.

What economic term describes what the United Kingdom is doing?

• Trade Barriers

• Specialization

• Mixed Economy

• Entrepreneurship