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

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

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

4. SS7E2a, SS7E6a, SS7E9a
Specialization encourages trade between countries

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

6. SS7E2b, SS7E6b, SS7E9b
Tariff: Tax placed on imports

7. SS7E2b, SS7E6b, SS7E9b
Quota:
Limit placed on imports

8. SS7E2b, SS7E6b, SS7E9b
Embargo:
Limit placed on trade

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