Econ 1-15 Imports Exports Exchange RatesVersión en línea
STANDARD:
GE.8.1 Define and explain the impact of trade barriers, such as quotas and tariffs, and analyze why countries erect them. (E)
GE.8.2 Compare and contrast the arguments for and against free trade.
A
B
C
D
E
F
H
I
J
L
M
N
O
P
R
S
U
V
W
X
Contains
A
When the U.S. dollar moves into a foreign country, & foreign goods move into the U.S., these are opposite sides to the same coin. But the U.S. dollar entering a foreign country involves ____ ____ , or stocks & bonds.
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B
Dropping ____ ____ between Mexico and Canada lowered prices for consumer goods in the U.S., & also created jobs. NAFTA did this in the 1990s. Opponents of NAFTA argue that it decreased manufacturing jobs as companies moved to Mexico.
Starts with
C
Some assume a trade deficit is bad. Why import cloths when we could easily make our own clothes? We buy clothes from other countries because it's ____ than making our own. This is due to comparative advantage, explained earlier.
Contains
D
The United States of America buys and sells more stuff with ____ than with any other country. They are our primary trading partner.
Contains
E
The exchange rate is 20 pesos per dollar. To buy a 60 peso sunscreen in Mexico, it costs an American 3 dollars instead of 4. We say that the dollar has ____ (more buying power)
Starts with
F
When the U.S. buys products from another country, that country can use the U.S. dollar to buy U.S. products, or to buy U.S. bonds & stocks (financial assets). We keep track of this in the ____ account.
Contains
H
The most significant factors impacting trade between countries is ____ ____ , which is how much U.S. currency is worth when you trade it for the currency in another country.
Starts with
I
The United States of America is the world's largest ____ of goods. We buy more things from other countries than any other nation.
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J
Economic theory suggests that international trade ____ ____ from one sector of the economy to another. Like from the TV factory to the restaurant. Or fom manufacturing to services.
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L
The ____ ____ organization promotes trade between countries & fights protectionism. It creates common laws for trade & mediates disputes between countries.
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M
It is not likely that countries will return to strict ____ , like those before the two world wars. [same] places high tariffs on imports and limits the number of foreign goods. This hurts an economy more than it helps.
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N
Currencies have floating exchange rates that change based on supply and demand. When the U.S. imports more products from Mexico, this ____ the demand for pesos, and the peso will appreciate. At the same time, the dollar will depreciate.
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O
When a good is produced in Brazil & sold to the U.S., that is an ____ for Brazil and an ____ for the U.S.. This is international trade & it makes the global economy happen.
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P
If the exchange rate fell to 10 pesos per dollar, to buy that sunscreen, the American tourist needs 6 dollars. Each dollar has gotten less powerful. We say that the dollar has ____ . (less buying power)
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R
The ____ account records the purchase of goods and services, investment income earned abroad, and foreign aid. So when the U.S. buys 50 billion dollars of computers from China, that's recorded in the U.S. current account.
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S
If Mexico imports $100 billion in goods, & exports $200 billion in goods, this is a trade ____ . Likewise, if Canada imports $200 billion in goods, & exports $100 billion in goods, this is a trade ____ .
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U
If you buy a cheap TV from another country, that costs jobs at a U.S. TV factory, but you save money. You will now spend that extra money at a ____ , creating jobs in that industry that wouldn't exist if you bought the expensive U.S. TV.
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V
Some believe that exporting makes us rich & importing makes us poor, because buying foreign products means ____ jobs ____ . However, the money saved when buying cheaper products is still spent in the U.S.. It is just spent in a different industry.
Contains
W
International trade doesn't always meet our individual interests. What might be good for the wider global economy, might be bad for me or my ____ . But in general, trade does improve the global standard of living. It's just sometimes hard to see.
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X
United States of American is the world's second largest ____ . Only 1 other country sells more stuff than us. We sell medications, airplane engines, music, & movies.
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