International Trade and Global Economy

What does importing mean?

• Exporting goods to another country.
• Delivering products to people on ships

• Transporting goods within the same country.
• Buying or trading for goods and services that another country has produces.

What are tariffs?

• Restricts the number or value of goods a country can import or export.

• 
  Special taxes that make it more expensive to trade specific goods or services within a specific country.

• fees for shipping goods within a country.

• A way to make foreign goods less expensive.

What does exporting mean?

• A way to reduce tariffs that are placed on foreign goods.

• Foreign countries selling goods to another country.

• A country selling or trading their own goods and services to other countries.

• A strategy to gain more money from people within a country.

What does outsourcing mean?

• The process of increasing internal staff.

• The practice of reducing costs by eliminating jobs.

• The practice of a government or business paying workers in foreign countries to produce goods or services instead of paying local workers to do it.
  

• Managing all business activities within a group.

What does specialization mean?

• A way to make more goods.

• Countries that produce a diversity of goods and services to other countries.

• A country that does not produce any goods and only focuses on producing services to people.

• When a country or region focuses its economy on producing certain goods or services based on its unique resources.

Which successful company purchase coffee beans to roast and sell them.

• Dunkin' Donuts
• Mcdonalds

• Starbucks

• Dutch Bro's Coffee

What does globalization mean?

• When governments, businesses, and people in the economy are increasingly connected and dependent on each other.
  

• The complete independence of nations from one another.

• The process of reducing trade barriers between local businesses.

• The isolation of countries from each other.

What countries were the coffee beans grown in?

• Bulgaria

• Brazil
• Argentina

• Ethiopia

Why are international trade agreements important?

• Creates barriers for small businesses.

• Makes sure there are no conflicts; also promotes economic growth, and cooperation between countries.

• Helps large corporations promote their business better.

• Mainly focuses on environmental issues that occur in multiple countries.

What is the difference between exporting and importing?

• Exporting is the process of manufacturing goods; importing is the process of distributing goods domestically.
• Exporting is selling their own goods to other countries; importing is buying goods that another country made.

• Exporting refers to the transportation of services; importing refers to the exchange of currency.
• Exporting buying goods that another country made; importing is selling their own goods to other countries.