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WTO - World Trade Organization

WTO - World Trade Organization

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Match the concept/term with the correct definition/explanation

 

Directions: Check your understanding on vocabulary related to Trade and the World Economy. Match (cut/paste) the concept/term with the correct definition/explanation. Concept/Term Definition and example Refers to the relative cost advantage of producing certain goods and services for trade. For example, if two countries can both produce corn and computers, it may not make economic sense for both of them to produce these goods for their domestic markets. It may be more cost effective for one to specialize in corn and the other in computers and trade them. Mutually beneficial trade relationship between two countries that results when they have different comparative advantages. For example, Mexico imports specialty apples from the United States, and the United States imports avocados from Mexico because it is more expensive to grow them in their own countries than to import them; this trade, apples for avocados is mutually beneficial. The belief that open markets and free trade across the globe will lead to economic developmenti everywhere, lesson tensions between countries by fostering support for common values, and spread democracy and human rights. Free trade agreements are examples of these. Countries encourage domestic production of goods, discourage foreign ownership of businesses and resources, and protect their businesses from international cooperation. After their Independence from Britain, India became the leading example of this approach. International trade that provides greater equity to workers and small businesses in developing countries. The products are made and traded according to standards that protect workers, businesses, and consumers. This organization works to reduce barriers to international trade. First by reducing restrictions and then by enforcing agreements. Neoliberalism WTO - World Trade Organization Comparative advantage Self Sufficiency Complementarity Fair Trade
Transcribed Image Text:Directions: Check your understanding on vocabulary related to Trade and the World Economy. Match (cut/paste) the concept/term with the correct definition/explanation. Concept/Term Definition and example Refers to the relative cost advantage of producing certain goods and services for trade. For example, if two countries can both produce corn and computers, it may not make economic sense for both of them to produce these goods for their domestic markets. It may be more cost effective for one to specialize in corn and the other in computers and trade them. Mutually beneficial trade relationship between two countries that results when they have different comparative advantages. For example, Mexico imports specialty apples from the United States, and the United States imports avocados from Mexico because it is more expensive to grow them in their own countries than to import them; this trade, apples for avocados is mutually beneficial. The belief that open markets and free trade across the globe will lead to economic developmenti everywhere, lesson tensions between countries by fostering support for common values, and spread democracy and human rights. Free trade agreements are examples of these. Countries encourage domestic production of goods, discourage foreign ownership of businesses and resources, and protect their businesses from international cooperation. After their Independence from Britain, India became the leading example of this approach. International trade that provides greater equity to workers and small businesses in developing countries. The products are made and traded according to standards that protect workers, businesses, and consumers. This organization works to reduce barriers to international trade. First by reducing restrictions and then by enforcing agreements. Neoliberalism WTO - World Trade Organization Comparative advantage Self Sufficiency Complementarity Fair Trade
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