Trade

What is trade?

• The exchange of goods and services for money

• The exchange of goods and services.

• The exchange of money between countries

• The exchange of ideas between countries

Which of the following is an example of an import?

• A product made in your country and sold abroad

• A product made in another country and sold in your country

• A service provided by a local business

• A service provided by a foreign business

What is the term used for goods or services produced in one country and sold to another country?

• Imports

• Exports

• Specializations

• Barter

Why do countries trade with each other?

• To decrease the variety of goods available

• To increase their reliance on self-sufficiency

• To access goods and resources they don't have

• To limit economic growth

Which of the following is an example of specialization?

• A country producing a wide range of goods

• A country focusing on producing only one type of good

• A country trading with multiple countries simultaneously

• A country refusing to participate in international trade

How can trade benefit individuals and countries?

• By reducing access to a wider variety of goods

• By decreasing economic growth

• By lowering prices and improving living standards

• By limiting cooperation between countries

What factors can influence trade between countries?

• Availability of resources and specialization

• Climate change and global warming

• Population size and geographical location

• Political systems and cultural traditions

Which of the following is a visual representation that shows the flow of trade between countries?

• Graph

• Map

• Chart

• Diagram

What do we call goods that are sent out of a country to be sold in another country?

• Imports

• Exports

• Specializations

• Tariffs

Which of the following best describes the importance of trade?

• Trade is unnecessary and doesn't have any benefits.

• Trade helps countries develop self-sufficiency.

• Trade promotes economic growth and cooperation between countries.

• Trade limits the availability of goods and services.