Specialization encourages trade between countries. Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargos. An embargo is the prohibition of trade with a certain country, to isolate it.
Specialization encourages trade between countries. Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargos. An embargo is the prohibition of trade with a certain country, to isolate it.
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Specialization encourages trade between countries. Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargos. An embargo is the prohibition of trade with a certain country, to isolate it.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as ODP, PDF, TXT or read online from Scribd
The student will explain how voluntary trade benefits
buyers and sellers in Southwest Asia (Middle East). a. Explain how specialization encourages trade between countries. b. Compare and contrast different types of trade barriers, such as tariffs, quotas, and embargos. c. Explain the primary function of the Organization of Petroleum Exporting Countries (OPEC). d. Explain why international trade requires a system for exchanging currencies between nations How specialization encourages trade between countries. ● Here in the United States, we do not have oil, so we have to borrow it from other countries(, just for an example). ● The middle east is known mainly for petroleum. In some countries, they do not have oil so they depend and trade with other countries. ● When countries do not have certain things, they trade or buy them. Differences between tariffs, quotas, and embargos A tariff (from Arabic: تعرفة, translit. tʿariffa: "fee to be paid") is a duty imposed on goods when they are moved across a political boundary. The tariff is associated with protectionism; the economic policy of restraining trade between nations. A tariff is used for building an important nation. Tariffs can occasionally emerge as a political issue prior to an election )( www.wikipedia.org/wiki/Tariffs). A quota is a type of protectionist trade restriction that sets the limit on the quantity of goods that can be imported into a country at periods of time. An import quota works by reducing the amount of foreign goods a country may import. In a competitive market, the equilibrium point which determines the price and quantity produced of a good is where the demand curve and the domestic supply curve intersect. An embargo is the prohibition of trade with a certain country, to isolate it and to put its government into a difficult internal situation. What is O.P.E.C. ● O.P.E.C. Is a peace keeping government that handles the distribution, and price of oil. ● It started somewhere around the 1960s. ● Its headquarters are in Vienna, and was there since 1965. ● The following countries have a membership: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. Why international trade needs a system for exchanging currencies between nations.
● They need to have
systems for...: knowing what people are importing and exporting. It also might get to crowded or empty in the ports. It will be more fluent and smooth if they had a system. Thank You! ● Project by: Alomaur Day