Voluntary trade is good because...

__________________ is when a country focuses on what resources they have and services that they do best.

Saudi Arabia, Iran, Iraq, and Kuwait specialize in ____________ production and export millions of barrels every day.

Israel specializes in the ______________ industry—it is

the world’s largest exporter of it.

_________________ has a more diversified economy and

has developed important export industries in

gold, coal, textiles, and automobiles.

Trade barriers are natural or man-made obstacles to voluntary trade.

_________________ barriers are policies passed by a government to regulate trade.

__________________ barriers include mountain ranges, deserts, rainforests, or lack of access to bodies of water.

Trade barriers are used to restrict trade because they

want to produce their own goods and sell them in their own country

____________________ are taxes placed on imported goods.

Tariffs are used to protect a country’s own businesses from _____________________

Tariffs make imported goods more expensive, encouraging the country’s consumers to buy domestic products.

______________________ are restrictions on the amount of a good that can be imported into a country.

________________________ are a political barrier to trade.

In an _____________, a nation forbids trade with another country to hurt that country economically.

After Iraq invaded Kuwait in 1990, the United Nations placed an embargo on __________ , only allowing it to export enough oil to buy its citizens’ food.

After the 9/11 attacks on the United States, the UN place an ______________ on Afghanistan and members could not sell weapons to the country.

The US has had several embargoes with __________ over the past twenty years because of Iran’s involvement with terrorism.

____________________ is something that is assigned value and can be used to purchase goods and services in a market.

Because countries have different forms of currency, international trade requires a system for exchanging currencies between nations. This process it called ___________________.

Afghanistan's currency is called ________________.

Turkey's currency is called ________________.

Iran's currency is called _________________.

In 1960, Iran, Iraq, Saudi Arabia, Kuwait, and Venezuela formed an organization called the _________________.

OPEC’s purpose is to...

OPEC has been generally a successful program.

OPEC functions by increasing or decreasing the amount of oil each member nation produces.

After OPEC was formed, oil production was controlled and the demand decreased worldwide.

OPEC has improved the economies of its member countries and has helped prevent religious hatred from interfering with the world’s oil supply.