Infographic-Trade Poster
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Last updated 9 months ago
10 questions
1
What are the 4 factors of production that result in trade?
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)
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
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)
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)
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)
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)
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
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
1
Free Trade vs. Protectionism
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
1
Check off the impacts of an import quota or tariff on the importing and exporting country.
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 |