Unit 1: Concepts (Economics) II

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Presentation transcript:

Unit 1: Concepts (Economics) II 7th Grade Social Studies

SSSS7E2, SS7E6, SS7E9 T The student will explain how voluntary trade benefits buyers and sellers in SW Asia, S+E Asia, and Africa

SS7E2a, SS7E6a, SS7E9a Countries specialize in producing specific resources and goods, and providing certain services.

SS7E2a, SS7E6a, SS7E9a Specialization encourages trade between countries

SS7E2b, SS7E6b, SS7E9b Trade Barrier: Something that stops voluntary trade from occuring

SS7E2b, SS7E6b, SS7E9b Tariff: Tax placed on imports

SS7E2b, SS7E6b, SS7E9b Quota: Limit placed on imports

SS7E2b, SS7E6b, SS7E9b Embargo: Limit placed on trade

SS7E2c, SS7E6d, SS7E9c In order for international trade to be successful a system of exchanging currencies must be in place.