Infographic-Trade Poster

Last updated 11 months ago

10 questions

1

Library

Infographic-Trade Poster

Last updated 11 months ago

10 questions

1

What are the 4 factors of production that result in trade?

1

The reason that countries trade is because the of trading is less than the cost of producing it yourself. (2 words)

1

Sort the following

G/S that exit a country
G/S that enter a country

Imports
Exports

1

Who has absolute advantage in chocolate bars? Why? (Don't forget to mention both inputs, outputs and quantities)

1

Who has absolute advantage in cakes? Why? (Don't forget to mention both inputs, outputs and quantities)

1

Who has comparitive advantage in chocolate bars? Why? (Don't forget to mention costs and values)

1

Who has comparitive advantage in cakes? Why? (Don't forget to mention costs and values)

1

Match up the definition for the 4 types of trade barriers

Limits on the quantity of imports
Self-imposed limits on the quantity of exports
Taxes on imports
Payments to the producers of certain goods for export or to producers competing against imports

Export Restrictions

1

What are the 4 factors of production that result in trade?

The reason that countries trade is because the of trading is less than the cost of producing it yourself. (2 words)

Sort the following

G/S that exit a country
G/S that enter a country

Imports
Exports

Who has absolute advantage in chocolate bars? Why? (Don't forget to mention both inputs, outputs and quantities)

Who has absolute advantage in cakes? Why? (Don't forget to mention both inputs, outputs and quantities)

Who has comparitive advantage in chocolate bars? Why? (Don't forget to mention costs and values)

Who has comparitive advantage in cakes? Why? (Don't forget to mention costs and values)

Match up the definition for the 4 types of trade barriers

Limits on the quantity of imports
Self-imposed limits on the quantity of exports
Taxes on imports
Payments to the producers of certain goods for export or to producers competing against imports

Export Restrictions
Quotas
Subsidies
Tarriffs

Free Trade vs. Protectionism

• Promotes efficient production
• Lowers prices
• Increases consumption
• Stimulates economic growth
• Increases structural unemployment
• Weakens infant industries
• Safeguards domestic industries and jobs
• Insulates infant industries
• Allocates resources inefficiently
• Raises prices
• Limits variety of goods and services
• Discourages innovation

Pro of Free Trade
Con of Free Trade
Pro of Protectionism
Con of Protectionism

Check off the impacts of an import quota or tariff on the importing and exporting country.

	Importing country (Country that imposes that quota)	Exporting Country
Total Supply Falls
Total Supply Rises
DWL
Domestic Prices Rise
Domestic Prices Fall
Less Competition
Hopefully domestic industries produce more.
Less foreign units are imported

Quotas

Subsidies

Tarriffs

Free Trade vs. Protectionism

• Promotes efficient production 

• Lowers prices

• Increases consumption

• Stimulates economic growth

• Increases structural unemployment 

• Weakens infant industries

• Safeguards domestic industries and jobs 

• Insulates infant industries

• Allocates resources inefficiently  

• Raises prices

• Limits variety of goods and services

• Discourages innovation

Pro of Free Trade

Con of Free Trade

Pro of Protectionism

Con of Protectionism

Check off the impacts of an import quota or tariff on the importing and exporting country.

Importing country (Country that imposes that quota)

Exporting Country

Total Supply Falls

Total Supply Rises

DWL

Domestic Prices Rise

Domestic Prices Fall

Less Competition

Hopefully domestic industries produce more.

Less foreign units are imported

Infographic-Trade Poster

Infographic-Trade Poster

What are the 4 factors of production that result in trade?

The reason that countries trade is because the ____________ ____________ of trading is less than the cost of producing it yourself. (2 words)

Sort the following

Who has absolute advantage in chocolate bars? Why? (Don't forget to mention both inputs, outputs and quantities)

Who has absolute advantage in cakes? Why? (Don't forget to mention both inputs, outputs and quantities)

Who has comparitive advantage in chocolate bars? Why? (Don't forget to mention costs and values)

Who has comparitive advantage in cakes? Why? (Don't forget to mention costs and values)

Match up the definition for the 4 types of trade barriers

What are the 4 factors of production that result in trade?

The reason that countries trade is because the ____________ ____________ of trading is less than the cost of producing it yourself. (2 words)

Sort the following

Who has absolute advantage in chocolate bars? Why? (Don't forget to mention both inputs, outputs and quantities)

Who has absolute advantage in cakes? Why? (Don't forget to mention both inputs, outputs and quantities)

Who has comparitive advantage in chocolate bars? Why? (Don't forget to mention costs and values)

Who has comparitive advantage in cakes? Why? (Don't forget to mention costs and values)

Match up the definition for the 4 types of trade barriers

Free Trade vs. Protectionism

Check off the impacts of an import quota or tariff on the importing and exporting country.

The reason that countries trade is because the of trading is less than the cost of producing it yourself. (2 words)

The reason that countries trade is because the of trading is less than the cost of producing it yourself. (2 words)