SS6E2 Specialization and Trade in Latin America

Front

Why is it important for nations to have a system to convert from one currency to another?

Back

Converting currency makes it possible to buy and sell goods between countries with different types of money.

Front

Why does specialization make trade between countries easier?

Back

Countries can produce what they make best and trade with others for what they need.

Front

Tax on imported goods is ___________

Back

a tariff

Front

A limit on imported goods is  _____________________ 

Back

a quota

Front

When we completely stop trading with another country, it's called ____________________

Back

an embargo

Front

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

Back

to raise the price of imported goods and encourage people to buy local

Front

Specialization results in a country or region producing a _____________ variety of goods and services.

Back

limited

Front

Why do Latin American countries place tariffs on imported goods?

Back

To limit foreign goods.

Front

In order to help Russian farmers sell more food, some people want to put a tax on the food imported from other countries. This is an example of a(n)

Back

tariff

Front

How much one currency is worth when compared to another is known as a (n)

Back

exchange rate