International Trade

Trade is needed because

• we have to trade because it's the law

• It's fun to trade with friends

• people want or need things they cannot get in their own country. 

  
  

good that is sent to another country for sale

• Export

• Import

A good that is brought in from another country for sale 

• Export

• Import

 is when a person, country, or region works on making one part of an item or a specific good. 

• import

• export

• specialization

• trade

An unfavorable balance of trade that occurs when a country's import are greater than its exports

• trade deficit

• trade surplus

A favorable balance of trade that occurs when a country's exports are greater than its imports

• trade deficit

• trade surplus

Tax on imported foreign goods

• tariff

• embargo

• quota

a numerical limit placed on goods being imported

• tariff

• embargo

• quota

A prohibition on the import or export of a good to or from another country.

• tariff

• embargo

• quota

Trade agreements help reduce barriers between nations for the benefit of the involved countries 

• True

• False