Economics Sample Unit 5 International Economics Document set

Comparative Advantage Takes fewer resources to produce than another. The Best! Absolute Advantage Opportunity cost to produce or perform a task is lower than someone else. Lower Opportunity Cost! Comparative Advantage

Bean Belt https://commons.wikimedia.org/wiki/File:Bean_belt_(top_20_coffee_producers_2011).svg

https://commons.wikimedia.org/wiki/File:The_World_map.png

https://commons.wikimedia.org/wiki/File:US_trade_final-01.svg

Trade Blocs https://upload.wikimedia.org/wikipedia/commons/4/43/ActiveBlocs.PNG

Trade Barriers Quotas Tariffs Embargoes Subsidies Quotas Standards Tariffs

Embargo- Countries in which there are US. sanctions

https://commons. wikimedia. org/wiki/File:Free_Trade_and_Protection https://commons.wikimedia.org/wiki/File:Free_Trade_and_Protection.jpg

Tariffs Paper clips retail for less than one cent. Tariffs on Chinese paper clips can reach as high a 126%

Subsidies

Exchange Rates