Level 62
Level 63

Why International Trade?


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International trade
__________ is the exchange of resources between the peoples of different nations.
Adam Smith
(1723-1790) Scottish philosopher who formulated laws that governed the economy to benefit human society
The Wealth of Nations
The book that described our current capitalist system of economics and international trade is __________, published in 1776.
trade
The people and businesses of capitalist nations __________ to acquire needed resources and make profits.
profit
An importer buys 1,000 elephant sculptures from India for $10 each and sells them to interior decorators for $30 each. With shipping and other expenses of $10 per elephant sculpture, she makes a $10…
peacefully
Trade allows people, businesses, and governments to __________ acquire needed resources through voluntary exchange.
cultural diffusion
the process of spreading new knowledge and skills to other cultures
jobs
Trade grows the world economy, creating wealth and __________.
profitable
Trade is __________.
specialize
Trade allows nations to __________.
self-sufficient
Without trade each nation would have to be __________, making all goods and services it consumes (or doing without some goods and services).
exchange
Trade lets each nation produce the goods and services it best produces and __________ those goods and services with other specialized trading nations.
resources
Labor, land, entrepreneurship, and capital multiplied by technology are the productive...
Egypt
Cairo
East India Company
Corporations such as the __________ made Great Britain a world power and the wealthiest nation in the 19th century.
United States
International trade helped develop the __________ from a small former colony of Great Britain at the end of the 18th century into the lone superpower of the early 21st century.
Soviet Union
Constantly plagued with shortages; poor economy; collapsed 1991. One of its economic goals was self sufficiency.
North Korea
Video smuggled out of __________, a nation that tried to become self-sufficient, depicts starving children and inhumane conditions.
more
International trade and specialization create __________ wealth than self-sufficiency.
Level 64