Unit 4: Understanding Global Trade

To reduce the variety of products available to consumers

To solely focus on agricultural production

To increase the unemployment rate domestically

To utilize different natural, human, and capital resources efficiently

The cost of labor in manufacturing

The financial expense of creating a new product

The amount of another good or service that might otherwise have been produced

The cost of marketing a product internationally

It uses the most advanced technology to produce the good

It is the only country that can produce the good

It can produce more of the good with the same resources as another country

It can produce the good at lower costs than any other country

Both countries can still benefit from lower opportunity costs

It prevents any trade disputes between countries

It increases the political power of the dominant country

It allows for a monopoly on certain goods

When a country's goods are preferred over another's due to branding

When a country can produce goods at a higher quality than another country

The advantage a country has in producing a product with the lower opportunity cost

The ability to produce goods faster than other countries

By increasing prices of goods globally

By reducing the variety of goods available

By making use of the world's scarce resources more efficiently

By limiting the development of new technologies

Country B

Country A

Both countries

Neither country

Joy

Susie

Import

Export

distribution

economic interdependency

foreign investment

imports