Global Trade, Specialization and Economic Philosophy

Front

A focus on developing only certain skills or producing only certain goods/services

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Specialization

Front

Good and services produced at home and sold in other countries

Back

Exports

Front

Which would be the best title for this graphic organizer?
Options: Positive and Negative Effects of a Command Economy, The Average Cost of Producing Goods and Services, The Benefits of Specialization and Trade, Improving the Skills of a Country's Workforce

Back

The Benefits of Specialization and Trade

Front

Which country has the absolute advantage in producing airplanes? The US can produce 200 airplanes or 400 trucks. Japan can produce 300 trucks or 100 airplanes.

Back

US

Front

Which country should produce avocados? The US can produce 1 ton of sugar using 4 acres of land, or they can produce 1 ton of avocados using 6 acres.
Ecuador can produce 1 ton of sugar using 5 acres of land or 1 ton of avocados using 4 acres.

Back

Ecuador

Front

Which of these is not a cost of global trade? American workers lose jobs, Workers in foreign country get less pay, Local companies lose business, Allows people to buy things from all over the world

Back

Allows people to buy things from all over the world

Front

Vocabulary Word?
Definition: To focus on producing only 1 or 2 products

Back

Specialization

Front

Why are most countries better off specializing in the production of particular goods, and then trading with other nations to obtain whatever else they need?

Back

Resources are not evenly distributed among countries.

Front

What product should Ghana specialize in making? Options: cars, computers, cocoa, industrial industry

Back

cocoa

Front

What principle of economics is illustrated by the following statements?
1. Nation A produces cars more efficiently than it can grow food crops.
2. Nation A produces cars and buys food from Nation B.

Back

Specialization