Globalization Trade Barriers Trade Pot Luck $100 $100 $100 $100 $100 Specialization Globalization Pot Luck $100 $100 $100 $100 $100 $200 $200 $200 $200 $200 $300 $300 $300 $300 $300 $400 $400 $400 $400 $400 $500 $500 $500 $500 $500 Final Jeopardy

Goods that are brought in from another country or state $100 Question from Trade Goods that are brought in from another country or state

$100 Answer from Trade Imports

Identify the resources that are needed to make goods and services $200 Question from Trade Identify the resources that are needed to make goods and services (factors of production)

Capitol (human / physical) $200 Answer from Trade Land, Labor, Capitol (human / physical)

The “back and forth” of using trade barriers between nations $300 Question from Trade The “back and forth” of using trade barriers between nations

$300 Answer from Trade Trade War

When a nation imports more than it exports $400 Question from Trade When a nation imports more than it exports

$400 Answer from Trade Trade Deficit

Who benefits the most from free trade? $500 Question from Trade Who benefits the most from free trade?

$500 Answer from Trade consumers

$100 Question from Specialization When a country can produce more than another using a given amount of resources

$100 Answer from Specialization Absolute Advantage

$200 Question from Specialization The secret to determining comparative advantage lies in determining who has a lower…

$200 Answer from Specialization opportunity cost

$300 Question from Specialization Liz can make 3 pies or bake 6 cakes per hour. What is her opportunity cost for making cake?

$300 Answer from Specialization 3/6 or 1/2

$400 Question from Specialization Country A Country B 1 ton – bananas 1 ton – bananas 2 tons – sugar 3 tons – sugar Who should produce sugar?

$400 Answer from Specialization Country B (1/2 vs 1/3)

$500 Question from Specialization The largest potential negative impact of specialization is

$500 Answer from Specialization Job Loss

$100 Question from Trade Barriers Placing a tax on foreign goods

$100 Answer from Trade Barriers Tariff

$200 Question from Trade Barriers Limits the amount of goods that go in or out of a country

$200 Answer from Trade Barriers Quota

BONUS QUESTION Congratulations! You get an opportunity to answer this question by yourself. If you get it right, you get to answer the bonus question that follows for an additional $300.

$300 Question from Trade Barriers What is the biggest argument AGAINST protectionism

$300 Answer from Trade Barriers reduces competition Bonus Question

This problem will not occur with goods from Canada because of $300 Point BONUS Question This problem will not occur with goods from Canada because of

$300 Point BONUS NAFTA

$400 Question from Trade Barriers The biggest argument FOR protectionism is

$400 Answer from Trade Barriers protect infant industries (save jobs)

$500 Question from Trade Barriers The countries of Europe have attempted to remove trade barriers creating this organization, which is now the largest trading bloc in the world.

$500 Answer from Trade Barriers EU - European Union

$100 Question from Globalization Countries that do not have low standards of living (poor), typically agricultural, and little infrastructure are called

$100 Question from Globalization LDCs Less Developed Countries

$200 Question from Globalization Companies that have branches (or factories) in many different countries (they produce globally)

$200 Answer from Globalization Multinationals

$300 Question from Globalization Identify three (3) international institutions that promote development in less developed countries

$300 Answer from Globalization World Bank IMF United Nations NGOs

$400 Question from Globalization Private aid groups like Red Cross, World Wildlife Fund, and Greenpeace are called…

$400 Answer from Globalization NGOs NonGovernmental Organizations

$500 Question from Globalization One of the largest criticisms of Globalization by Americans is

$500 Answer from Globalization Offshoring (Will accept Outsourcing of job loss)

$100 Question from Pot Luck When a nation exports more than it imports

$100 Answer from Pot Luck Trade Surplus

$200 Question from Pot Luck The ability to produce a product most efficiently given all the other products that could be produced

$200 Answer from Pot Luck Comparative Advantage

$300 Question from Pot Luck Term for the use of trade barriers to shield domestic companies from foreign competition

$300 Answer from Pot Luck Protectionism

$400 Question from Pot Luck What country is the largest importer of goods in the world

SUPER JEOPARDY ! US $400 Answer from Pot Luck Any group that got “Black Panthers” has a chance at the Bonus Question worth $1000 points Bonus Question

SUPER JEOPARDY QUESTION Name the three largest exporter of goods in the world

$1000 SUPER JEOPARDY ANSWER China, US, Germany

$500 Question from Pot Luck What are two argument in favor of free trade?

$500 Answer from Pot Luck lower prices greater variety better quality

What forces nations to trade? Final Jeopardy What forces nations to trade?

Final Jeopardy Answer Scarcity