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WorksheetsSocial Studies
Total questions: 20
Worksheet time: 12mins
These man made goods are examples of ________________________.
raw materials
manufactured goods
Sugar cane is an example of ____________.
manufactured goods
raw material
A sweater is a __________________.
manufactured good
raw amterial
When there is a low supply of goods/services, then prices will go up.
True
False
Goods brought into the country from another.
import
export
barter
trade
Goods sent out of the country to another.
import
export
barter
trade
___________ are something someone makes or grows, such as cellphones or potatoes.
Goods
Services
Exports
Globalization
the dollar value of the final goods and services products produced in a country’s borders in a given year
the process of the world’s economies becoming more interconnected
the comparison of a country’s imports vs exports
when countries only produce what they are best at
Trade Balance
the dollar value of the final goods and services products produced in a country’s borders in a given year
the comparison of a country’s imports vs exports
when a business transfers work overseas, usually from a developed country to developing countries
a country with a low GDP, low standard of living, and low wages
Trade Deficit
policy that promotes elimination of trade barriers, such as tariffs and quotas
when imports exceed exports
non-economic negative effects from trade
when exports exceed imports
Sanctions
financial penalties imposed on a country, usually increased tariffs or a ban on trade
when a country has significant differences in exports vs imports
the process of the world’s economies becoming more interconnected
goods used to make a final product
Selct the goods that Trinidad & Tobago Import
Cooking Oil
Sugar
Natural Gas
Machinery
Cars
Trinidad's Biggest Trading partners are?
United States
Barbados
Brazil
China
(a) Is the system for dealing in the currencies of other countries
A favourable balance of trade is good for
the economy of a country because:
the economy of the country is stable, which attracts
investment and encourages entrepreneurs to invest in new
businesses
the country earns foreign exchange, which it can use to pay
for imports
investment in turn creates more job opportunities.
All of the Above
Trinidad & Tobago's main export Good is
Sugar
Fruits
Oil & Natural Gas
Cosmetics
(a) are laws passed to restrict or abolish trade with certain countries.
Why are Sanctions Imposed?
Political reasons
Humanitarian Reasons
because one country doesn't like another
To destroy another country
