Chapter 16 Review International Trade.

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Presentation transcript:

Chapter 16 Review International Trade

Vocabulary Terms Exports Absolute advantage Protective tariff Infant Industries Argument Fixed exchange rate

Vocabulary Terms Most favored nation clause NAFTA Free Traders Foreign exchange rate Trade surplus

Concepts Tariffs and Quotas Trade Agreements Different type Reciprocal What are their function/purpose Trade Agreements Reciprocal NAFTA What do they do? Are they successful?

Concepts Exchange Rates How are exchange rates determined? Reading an exchange rate table Determine the value of a dollar against other currencies. How does exchange rates effect the prices of goods and services?

Concepts WTO Traded Deficits/Surpluses What is it? Does it help or hurt world trade? How? Why? Traded Deficits/Surpluses What causes them? How are they remedied?

Concepts Comparative and Absolute Advantage How are determined? What are the advantages to them? Using a PPC, how would you know what is best fro a particular country? How would Adam Smith resolve this dilemma?

U.S. Imports/Exports by Area Page 443

Gains From Trade Page 444

Exchange Rate Table (May 12, 2006) Page 457

Flexible/Floating Exchange Rates Page 459

Chapter 16-1 Visual Summary Page 463

Chapter 16-2 Visual Summary Page 463

Chapter 16-3 Visual Summary Page 463

Essay What conclusions can you make from the graph of exports and imports about the specialties of U.S. products relative to other countries? How can a country be both an importer and exporter of the same types of goods?

Essay Twelve countries of the European Union have established a single currency, the Euro. How do this benefit those countries? How does a flexible exchange rate tend to correct trade “deficits” over time?

Essay How does “comparative” advantage differ from “absolute” advantage? Why is international trade better for all countries than an attempt for each country to produce everything it needs?