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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
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Goods that are brought in from another country or state
$100 Question from Trade Goods that are brought in from another country or state
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$100 Answer from Trade Imports
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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)
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Capitol (human / physical)
$200 Answer from Trade Land, Labor, Capitol (human / physical)
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The “back and forth” of using trade barriers between nations
$300 Question from Trade The “back and forth” of using trade barriers between nations
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$300 Answer from Trade Trade War
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When a nation imports more than it exports
$400 Question from Trade When a nation imports more than it exports
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$400 Answer from Trade Trade Deficit
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Who benefits the most from free trade?
$500 Question from Trade Who benefits the most from free trade?
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$500 Answer from Trade consumers
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$100 Question from Specialization
When a country can produce more than another using a given amount of resources
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$100 Answer from Specialization
Absolute Advantage
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$200 Question from Specialization
The secret to determining comparative advantage lies in determining who has a lower…
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$200 Answer from Specialization
opportunity cost
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$300 Question from Specialization
Liz can make 3 pies or bake 6 cakes per hour. What is her opportunity cost for making cake?
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$300 Answer from Specialization
3/6 or 1/2
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$400 Question from Specialization
Country A Country B 1 ton – bananas 1 ton – bananas 2 tons – sugar tons – sugar Who should produce sugar?
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$400 Answer from Specialization
Country B (1/2 vs 1/3)
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$500 Question from Specialization
The largest potential negative impact of specialization is
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$500 Answer from Specialization
Job Loss
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$100 Question from Trade Barriers
Placing a tax on foreign goods
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$100 Answer from Trade Barriers
Tariff
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$200 Question from Trade Barriers
Limits the amount of goods that go in or out of a country
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$200 Answer from Trade Barriers
Quota
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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.
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$300 Question from Trade Barriers
What is the biggest argument AGAINST protectionism
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$300 Answer from Trade Barriers
reduces competition Bonus Question
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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
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$300 Point BONUS NAFTA
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$400 Question from Trade Barriers
The biggest argument FOR protectionism is
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$400 Answer from Trade Barriers
protect infant industries (save jobs)
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$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.
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$500 Answer from Trade Barriers
EU - European Union
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$100 Question from Globalization
Countries that do not have low standards of living (poor), typically agricultural, and little infrastructure are called
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$100 Question from Globalization
LDCs Less Developed Countries
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$200 Question from Globalization
Companies that have branches (or factories) in many different countries (they produce globally)
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$200 Answer from Globalization
Multinationals
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$300 Question from Globalization
Identify three (3) international institutions that promote development in less developed countries
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$300 Answer from Globalization
World Bank IMF United Nations NGOs
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$400 Question from Globalization
Private aid groups like Red Cross, World Wildlife Fund, and Greenpeace are called…
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$400 Answer from Globalization
NGOs NonGovernmental Organizations
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$500 Question from Globalization
One of the largest criticisms of Globalization by Americans is
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$500 Answer from Globalization
Offshoring (Will accept Outsourcing of job loss)
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$100 Question from Pot Luck
When a nation exports more than it imports
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$100 Answer from Pot Luck Trade Surplus
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$200 Question from Pot Luck
The ability to produce a product most efficiently given all the other products that could be produced
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$200 Answer from Pot Luck Comparative Advantage
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$300 Question from Pot Luck
Term for the use of trade barriers to shield domestic companies from foreign competition
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$300 Answer from Pot Luck Protectionism
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$400 Question from Pot Luck
What country is the largest importer of goods in the world
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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
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SUPER JEOPARDY QUESTION
Name the three largest exporter of goods in the world
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$1000 SUPER JEOPARDY ANSWER
China, US, Germany
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$500 Question from Pot Luck
What are two argument in favor of free trade?
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$500 Answer from Pot Luck lower prices greater variety better quality
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What forces nations to trade?
Final Jeopardy What forces nations to trade?
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Final Jeopardy Answer Scarcity
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