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UNIT 7 REVIEW GAME International Trade Basics 1 2 3 4 5 Free Trade & Protectionism 1 2 3 4 5 Globalization Issues 1 2 3 4 5 The United Nations & Internationalism 1 2 3 4 5 When a country exports more than it imports. Trade Surplus (or) Favorable Balance of Trade When a country imports more than it exports. Trade Deficit (or) Unfavorable Balance of Trade The idea that countries are becoming more reliant on one another. Global Interdependence A limit on the # of goods that come into a country. Quota What is a tariff? A tax placed on an imported good. The idea that a country should place limits or restrictions on trade. Protectionism Free Trade = Increased Competition. What are (2) benefits of this? Lower Prices Better Quality This is a trade agreement between the US, Canada, and Mexico. NAFTA Something that limits or prevents trade. Trade Barrier An organization that tries to limit barriers, and promote trade among member nations. WTO Why have many manufacturing jobs left the US, and gone to other countries? Lower Labor Costs What is conservation, and how does it enter into the global trade debate. Trying to use resources more wisely. Some argue that conservation leads to slower economic growth. What is the relationship between the price of products and protectionism. Protectionism leads to higher prices. The US has a large _______ in terms of its balance of trade. Trade Deficit (or) Unfavorable balance of trade The idea that a country can produce a product at a lower cost or opportunity cost than another nation. Comparative advantage What is the purpose of the United Nations. To encourage peace or prevent war. What type of government generally protects the people’s human rights best? Democracy What type of economic system has the highest per capita GDP? Market Economy Countries that are in the process of becoming more industrialized are called… Developing Countries (or) 2nd World Countries The process of moving factories to countries that have lower labor costs. Outsourcing