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Economic Systems 4

6th Grade Social Studies: Unit 6 - European Economic Trade Barriers

QuestionAnswer
Define: International Trade the exchange of goods and services between countries
Define: Exports goods and services traded with or sold to other countries.
Define: Import goods brought into a country from another country through trade or sale.
Define: Trade barrier any law or practice a government uses to limit free trade between countries. Can also be a physical feature, like mountains.
Define: Free trade nothing hinders or gets in the way from 2 nations trading with each other
Define: trade barriers trade is difficult because things get in the way of 2 nations trading with each other
Name 2 types of types of trade barriers 1) physical (or geographic) trade barriers 2) economic trade barriers
Describe how geography can be a trade barriers geographic trade barriers can slow down trade between nations by making it harder and more expensive to move goods from place to place
Name 3 types of economic trade barriers 1) tariffs 2) quotas 3) embargos
Define: tariffs taxes on goods imported from other countries
Define: quotas limits on the quantity of goods that are imported from another country
Define: embargos a complete ban on trading between countries
What do tariffs do? Tariffs raise the price of the imported product so consumers are more likely to purchase a domestic product
What do quotas do? Putting a quota on a good creates a shortage, which causes the price of the good to rise. Consumers then are less likely to buy imported goods and more likely to buy domestic goods.
What is the harshest type trade barrier? An embargo (it is a complete ban on trade with a country, enacted to hurt a country economically for political or military reasons)
Created by: Engle Family
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