Question

______________ can enable trading partners to consume more than they can produce domestically.

Answer 1

Trade between two agents or countries allows the countries to enjoy a better total output and level of consumption than what would have been possible domestically.

What exactly does specialization mean in global trade?

Instead of manufacturing all consumer items independently, countries with a propensity toward specialization trade certain products for other commodities.

Countries create an more than the product in which they specialize and exchange it for another country's surplus good.

A import barrier is what?

Barrier to trade. Anything, like a tariff, quota, or embargo, that slows down or stops one country from trading products with another.

change in value. the rate of exchange between the currencies of two different countries.

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