Jumpstart Assignment Get into groups for Jeopardy!

Jeopardy 10 20 30 40 50 Why Nations Trade. Trade Barriers/ Agreements Measuring Trade Other Ch. 17 ?’s Economics Review 10 20 30 40 50

can produce more of a given product using a given amount When a person or nation can produce more of a given product using a given amount of resources. – 10 points Category 1 - 10

country for sale. – 20 points A good sent to another country for sale. – 20 points Category 1 - 20

A good brought in from another country. – 30 points

A country can produce a product at a lower opportunity cost than another country. – 40 points

Law that states that a nation is better off when it produces goods and services for which it has a lower opportunity cost.– 50 points

A limit on the amount of a good that can be imported to a given country. – 10 points

A tax on imported Goods. – 20 points

A cycle of increasing trade barriers. – 30 points

A self-imposed limitation on the number of products shipped to a particular country. – 40 points

Founded in 1995 to ensure compliance with GATT, to negotiate new trade agreements, and to resolve trade disputes. – 50 points

An increase in the value of money. – 10 points

Currency system in which governments try to keep the values of their currencies constant against one another. – 20 points

A decrease in the value of a currency. – 30 points

When a nation exports more than it imports, the nation is said to have a _________ ________. – 40 points

The relationship between a nation‘s imports and its exports. – 50 points

When a nation imports more than exports, the nation is said to have a _______ ________. – 10 points

The use of trade barriers to protect industries from foreign competition. – 20 points

A currency system in which the exchange rate is determined by supply and demand. – 30 points

Agreement that will eventually eliminate all tariffs and other trade barriers between Mexico, Canada, and the U.S. – 40 points

The value of a nations currency in relation to the currency of another nation, which enables you to convert prices in one currency to prices in another currency. – 50 points

An economic system in which decisions are made by individuals and businesses. – 10 points

The most desirable alternative given up as the result of a decision. – 20 points

A graph that shows alternative ways to use an economy’s productive resources. – 30 points

Three reasons why a country trades.– 40 points

Three reasons why a country would favor protectionism. – 50 points