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What is specialization?
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This is when people produce things they do best and exchange those products for the things that other people do best
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What is specialization?
This is when people produce things they do best and exchange those products for the things that other people do best
How can you find out what a country specializes in?
Look at its exports
Who was the first to write that a country should import products (trade)?
Adam Smith
Why do large countries trade with small countries?
They each can produce different resources at different efficiencies (because each country has a comparative advantage in a product the other country wants, trade will be beneficial to both and will lead to economic growth
What are some benefits of trade?
Increased world output, increase political stability, faster economic growth
What are two kinds of tariffs governments generally levy?
Protective and revenue tariffs
Why are tariffs used?
To protect the domestic industry from being undersold by a foreign one
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