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3. 10 Point 10 Point 10 Point 10 Point 10 Point 10 Point 20 Points
Trade
‘Cha
Why
Nations
Trade
Trade
Barriers
Effects of
Trade
Barriers
Trade
Agreements
Measuring
Trade
10 Point
10 Point
10 Point
10 Point
10 Point
10 Point
20 Points
20 Points
20 Points
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20 Points
20 Points
30 Points
30 Points
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40 Points
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50 Points
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50 Points

4. You have something I want, I have something you want

5. What is let’s trade

6. Chances are something you have on came from this trade partner of the United States

7. What is China

8. This is the buying and selling of goods and services across national borders

9. What is International Trade

10. International Trade occurs because of this state of resources, which is always present & never goes away

11. What is scarcity

12. The United States’ #1 import trade partner is this country

13. What is China

14. The ability to produce more of a given product using a given amount of resources

15. What is absolute advantage

16. Comparative Advantage

17. What is the ability to produce a product with a lower opportunity cost given all the other products that could be produced

18. The idea or law that a nation is better off when it produces goods and services for which it has comparative advantage

19. What is the law of comparative advantage

20. Export

21. What is a good that is sent to another country for sale

22. Import

23. What is a good that is brought in from another country for sale

24. A means of preventing a foreign product of service from freely entering a nation’s territory

25. What is a trade barrier

26. Limit on the amount of a good that can be imported

27. What is an import quota

28. A payment from the gov’t to a business that helps that business compete with foreign manufacturers

29. What is a subsidy

30. Customs duty

31. What is tax on certain items purchased abroad in another country

32. A tax on an imported good

33. What is a tariff

34. Trade barriers simply do this

35. What is limit supply

36. Due to trade tariffs, a Honda or Toyota may have a higher one of these

37. What is price

38. A cycle of increasing trade restrictions between countries

39. What is a trade war

40. Protectionism

41. The use of trade barriers to protect a nation’s industries from foreign competition

42. The 3 main arguments (reasons) for protectionism

43. protecting infant industries, safeguarding national security
What are
protecting jobs,
protecting infant industries,
safeguarding national security

44. International free trade agreement

45. What is an agreement to reduce trade barriers and tariffs between at least 2 countries

46. A worldwide organization whose goal is freer global trade & lower tariffs

47. What is the World Trade Organization (WTO)

48. European Union

49. What is a regional trade organization made up of European nations

50. NAFTA eliminated this

51. What is tariffs the trade barriers between Canada, Mexico, and the United States

52. This created the largest free trade zone in the world by size

53. What is NAFTA

54. Exchange rate

55. What is the value of a foreign nation’s currency in terms of the home nation’s currency

56. An increase in the value of a currency

57. What is appreciation

58. Foreign Exchange Markets

59. What are banks and other financial institutions that facilitate the buying and selling of foreign currencies

60. Depreciation

61. What is the decrease in the value of a currency

62. Balance of Trade

63. The relationship between a nation’s exports and imports

64. Final Jeopardy
Make your wager

65. As of October 2013, the US balance of trade is this

66. What is billion