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Voluntary Trade

Voluntary Trade Notes/ Social Studies

QuestionAnswer
Trade When nations participate with other nations in exchanging, purchasing and selling goods.
Things countries trade? 1. Raw materials such as oil. 2. Consumer goods such as computers. 3. Agricultural goods like corn.
Exports Products that one country sells to another.
Imports Products that one country buys from another.
Specialization When nations produce certain goods exceptionally so that other countries who cannot produce the same goods will purchase from the country specializing. Specialization encourages trade between countries.
Trade barriers What a government uses to limit trade with other countries. The reason for this is to protect business from foreign competition.
Main types of trade barriers? Tariffs, embargo, import quotas, voluntary trade restrictions
Tariff A tax put on goods imported from other countries. To protect the goods made in their own country.
Import Quota Limits the number of goods that can be imported from a certain country. Makes certain items harder to get which increases their price.
Voluntary trade restrictions Two countries agree to limit trade on certain goods. Protects a countries companies by limiting outside trade.
Embargo A ban on trades with a certain country. E.g. The U.S embargo on trade with the communist country of Cuba.
Free trade Trade without tariffs, embargos, or other trade barriers.
NAFTA North American Free Trade Agreement. Allows the U.S, Canada and Mexico free trade on certain goods.
Currency A system of money.
U.S currency USD/US dollars/ dollars
Mexico's currency Peso
Euro Members of the European Union all have the same currency, the Euro. Makes trade between countries easier.
European Union (EU) A unique economic and political union between 28 European countries that together cover much of the continent. The EU was created in the aftermath of the Second World War.
Currency exchange rate Relationship between two currencies; does not always be the same; Necessary for international trade. 1USD=0.67 Euros
Created by: Jadonjack
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