Chapter 17

Countries and regions that trade with each other.

• trading partners

• global economy

• exports

• imports

The goods and services that are brought in from other regions or countries.

• imports

• exports

• interdependence

• global economy

The goods and services that are produced and then sold to other countries or regions.

• exports

• imports

• market

• trading partners

Relationship in which each member of a group relies on the other members for something they need.

• interdependence

• exports

• global economy

• market

The worldwide market where countries buy and sell goods and services.

• global economy

• trade

• market

• specialization

A system of trade

• market

• global economy

• trade

• exports

Organize these options into the right categories

Groups:

(a) Why countries specialize and trade

,

(b) Reasons why NOT

• to buy things at a higher price

• to earn less money

• buy goods and services at a lower cost

• To buy goods at a higher price

• produce goods and services efficiently

• obtain goods and services

• earn money by selling goods and services

• to gain trading partners

A country brings in oil from other places.

• export

• import

A country brings in crops from other countries.

• export

• import

A country sends out crops to other countries.

• export

• import