Voluntary Trade

Why do people trade?!

Countries specialize in what they ____________.

• do the worst at

• do the best at

• enjoy the most

• dislike the most

Which are correct about specialization?

• It is the most efficient way to work.

• It makes the price of products more expensive.

• It allows people to like the products more.

• It makes the price of products lower.

What is ONE word that can describe what a barrier is?

*cannot use "barrier"*

Which natural trade barrier do you think would be the hardest for a country to navigate around?

• Mountains

• Lack of access to bodies of water

• Deserts

• Rainforests

Which political barrier puts a tax on imported goods?

• Tariffs

• Quotas

• Embargoes

• Natural Barriers

What could be a reason that Columbia might put a tariff on coffee (an added tax on imported coffee)?

If a quota is put on the amount of goods that can be imported into the country, what could happen?

• Shortages in products

• Abundances in products

When the United States imposed an embargo against Cuba, it put ______________ on Cuba's communist government to change.

What has to be done for one country to trade with another country if they have different forms of currency?