1. UNIT 7 REVIEW GAME International Trade Basics 12345 Free Trade & Protectionism 12345 Globalization Issues 12345 The United Nations & Internationalism 12345

2. When a country exports more than it imports. Trade Surplus (or) Favorable Balance of Trade

3. When a country imports more than it exports. Trade Deficit (or) Unfavorable Balance of Trade

4. The idea that countries are becoming more reliant on one another. Global Interdependence

5. A limit on the # of goods that come into a country. Quota

6. What is a tariff? A tax placed on an imported good.

7. The idea that a country should place limits or restrictions on trade. Protectionism

8. Free Trade = Increased Competition. What are (2) benefits of this? Lower Prices Better Quality

9. This is a trade agreement between the US, Canada, and Mexico. NAFTA

10. Something that limits or prevents trade. Trade Barrier

11. An organization that tries to limit barriers, and promote trade among member nations. WTO

12. Why have many manufacturing jobs left the US, and gone to other countries? Lower Labor Costs

13. What is conservation, and how does it enter into the global trade debate. Trying to use resources more wisely. Some argue that conservation leads to slower economic growth.

14. What is the relationship between the price of products and protectionism. Protectionism leads to higher prices.

15. The US has a large _______ in terms of its balance of trade. Trade Deficit (or) Unfavorable balance of trade

16. The idea that a country can produce a product at a lower cost or opportunity cost than another nation. Comparative advantage

17. What is the purpose of the United Nations. To encourage peace or prevent war.

18. What type of government generally protects the people’s human rights best? Democracy

19. What type of economic system has the highest per capita GDP? Market Economy

20. Countries that are in the process of becoming more industrialized are called… Developing Countries (or) 2 nd World Countries

21. The process of moving factories to countries that have lower labor costs. Outsourcing