Econ Unit 2 Flashcards

Econ Unit 2 Flashcards

Assessment

Flashcard

Social Studies

12th Grade

Practice Problem

Easy

Created by

Spencer Herber

Used 2+ times

FREE Resource

Student preview

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50 questions

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1.

FLASHCARD QUESTION

Front

Absolute Advantage

Back

The ability to produce more of a good than another country using the same amount of resources. (e.g., Country A produces more coal than Country B).

2.

FLASHCARD QUESTION

Front

Comparative Advantage

Back

The ability to produce a good at a lower opportunity cost than another country. This is the basis for specialization.

3.

FLASHCARD QUESTION

Front

What is the result of trade between two nations?

Back

It is mutually beneficial.

4.

FLASHCARD QUESTION

Front

How does international trade affect the likelihood of conflict?

Back

It decreases the chance of conflict between countries.

5.

FLASHCARD QUESTION

Front

What is a "free-trader"?

Back

Someone who believes in the free flow of goods between countries without barriers.

6.

FLASHCARD QUESTION

Front

What is an example of an agreement a free-trader would support?

Back

NAFTA (North American Free Trade Agreement).

7.

FLASHCARD QUESTION

Front

What is "Protectionism"?

Back

The policy of protecting domestic industries from foreign competition using trade barriers.

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