1.7 Trade and Development

Front

What country is the world's largest exporter of goods?

Back

China

Front

The exchange of goods and services.

Back

trade

Front

What a country is good at producing, or its ability to produce a product more efficiently than other products.

Back

comparative advantage

Front

Buying and selling that takes place within a country.

Back

domestic

Front

Producers and consumers importing and exporting goods from other countries.

Back

foreign trade

Front

How can other countries benefit from the comparative advantage of the US's wheat production?

Back

save money by importing wheat from the US

Front

How do countries get the goods and services they need if they are unable to produce them efficiently?

Back

import

Front

The type of trade that involves international trade: trading with other countries.

Back

foreign

Front

Which of the following is a result of increased trade barriers? free trade - increase in imports, lower prices, more products to choose from, reduced competition

Back

reduced competition

Front

Which of the following are features of a developed country? low productivity, high tariffs - limited trade, strong economy, low standard of living

Back

strong economy