WorksheetsTrade
Total questions: 16
Worksheet time: 8mins
What is Trade?
The import and export of goods only.
The voluntary exchange of goods and sevices by people.
The exchange of goods of equal value, without using money.
A system of money in general use in a particular country.
International (external) trade is...
the exchange of goods and services between businesses only.
the exchange of goods and services without the use of money.
the exchange of goods and services that occur within the borders of a country.
the exchange of goods and services between countries.
The currency exchange rate is constantly changing.
True
False
The producer that can produce the most output OR requires the least amount of inputs (resources)
Comparative Advantage
Trade Offs
Absolute Advantage
Opportunity Cost
requiring or relying on something
dependent
absolute advantage
comparative advantage
specialization
Countries become _______ when trade and competition among countries increases.
interdependent
greedy
cheap
When exports exceed imports, there is a trade ______ in the economy.
surplus
deficit
discrepancy
When imports exceed exports, there is a trade _______.
surplus
deficit
discrepancy
