Podcast
Questions and Answers
In regard to trade, the United States:
In regard to trade, the United States:
What role does competition play in international trade?
What role does competition play in international trade?
The Middle East is best associated with which internationally traded product?
The Middle East is best associated with which internationally traded product?
A country that can produce a good more efficiently than another country has:
A country that can produce a good more efficiently than another country has:
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A company in Maine sends lobsters to France. What is this an example of?
A company in Maine sends lobsters to France. What is this an example of?
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Which is an example of a country that is overly dependent on another country for critical goods and services?
Which is an example of a country that is overly dependent on another country for critical goods and services?
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Which is the best example of a country that is dependent on other countries?
Which is the best example of a country that is dependent on other countries?
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Which statement best describes how globalization is affecting the world?
Which statement best describes how globalization is affecting the world?
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How does international trade best benefit specialization?
How does international trade best benefit specialization?
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Why does the US import oil?
Why does the US import oil?
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Which of these statements most accurately describes currencies in North America?
Which of these statements most accurately describes currencies in North America?
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Which statements accurately describe a country's currency? (Select all that apply)
Which statements accurately describe a country's currency? (Select all that apply)
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A currency shared by several countries in Europe is the _____
A currency shared by several countries in Europe is the _____
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There would be no separation between one country's economy and another's if the entire world:
There would be no separation between one country's economy and another's if the entire world:
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Which best explains why a US corporation would open a factory in China?
Which best explains why a US corporation would open a factory in China?
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Technologies that allow for instant worldwide communication include:
Technologies that allow for instant worldwide communication include:
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Global trade provides consumers with:
Global trade provides consumers with:
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Study Notes
International Trade Basics
- The United States engages in both imports and exports of goods and services.
- Competition in international trade lowers prices for consumers.
Key Products in Trade
- The Middle East is predominantly known for its oil exports.
Economic Advantages
- A country that produces a good more efficiently than another has an absolute advantage.
- Examples of international trade include exporting, such as a Maine company's lobsters sent to France.
Dependence on Imports
- A country that imports all its oil is overly dependent on another country for critical resources.
- Nations with limited fertile soil are typically dependent on other countries for agricultural products.
Globalization Impact
- Globalization is making the world more interconnected, with increased trade between countries.
Specialization and Trade Benefits
- International trade allows countries to specialize, making goods affordably while importing those they cannot create efficiently.
U.S. Oil Imports
- The U.S. imports oil primarily because it cannot produce enough to meet domestic demand.
North American Currencies
- Each North American country maintains its own currency, rather than using a common one like the euro.
Characteristics of Currency
- Key features of effective currency include ease of divisibility, variable value, and differing denominations.
Euro as a Shared Currency
- The euro serves as a shared currency for several European countries, promoting easier trade.
Global Economic Integration
- If the entire world adopted a single currency, it would eliminate economic separations between countries.
Motives for International Operations
- U.S. corporations often open factories abroad, particularly in China, to benefit from lower labor costs.
Communication Technologies in Trade
- Mobile phones and Internet access facilitate instant global communication, enhancing international trade efficiency.
Consumer Benefits from Global Trade
- Global trade increases consumer choices while also lowering prices for goods.
Studying That Suits You
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Description
Test your knowledge on key concepts in international trade with these flashcards from Unit 9 of your economics course. Each card covers important terms and definitions related to imports, exports, and competition in the global marketplace.
