Voluntary Trade in Europe

Front

___________________ occurs when different countries choose to engage in the exchange of goods with one another.

Back

Voluntary Trade

Front

Voluntary trade is good because...

Back

it lets a country sell its own resources and buy the resources it doesn't have

Front

__________________ is when a country focuses on what resources they have and services that they do best.

Back

Specialization

Front

Are trade barriers natural or man-made obstacles to voluntary trade?

Back

True

Front

_________________ barriers are policies passed by a government to regulate trade.

Back

Political Trade

Front

__________________ barriers include mountain ranges, deserts, rainforests, or lack of access to bodies of water.

Back

Natural

Front

Trade barriers are used to restrict trade because they want to produce their own goods and sell them in their own country.

Back

True

Front

____________________ are taxes placed on imported goods.

Back

Tariffs

Front

Tariffs are used to protect a country’s own businesses from _____________________

Back

foreign competition

Front

Tariffs make imported goods more expensive, encouraging the country’s consumers to buy domestic products.

Back

True