Trade Unit

The definition of TRADE is __________________.

• Importing goods
• to buy or sell goods or services
• Exporting goods

Why does the United States need to import products?

• The US does not import products
• Some are easier and cheaper to make in other countries
• The US makes all of its own products

Import means

• buying goods from another country
• selling goods to another country
• only making one kind of product

Export means

• buying goods from another country
• selling goods to another country
• only making one kind of product

What is a tariff?

• A fee added to imports
• A certain quantity of goods that are allowed to be brought in
• Government giving money to or helping manufacturers

The study of resources such as money, materials, and labor

• economics
• services
• producers
• goods

The definition of Scarcity is...

• An unlimited amount of resources to meet limited wants and needs
• A limited amount of resources to meet unlimited wants and needs.
• When people use time and energy to create events
• a city where individuals commit themselves to unlimited wants and needs

Which one of these is NOT a cause of scarcity?

• overproduction of time
• not enough materials
• Poor Distribution of Resources
• Rapid Increase in Demand

What is this a picture showing?

• producers selling goods
• producers giving a service 
• consumers getting goods
• consumers getting a service

What is this a picture showing?

• producers selling goods
• producers giving a service
• consumers getting goods
• consumers getting a service