lesson 10.1

Q10 What countries are the leading trading partners of the United States?

China is/was a leading trading partner of the US

Q11 What impact do U.S. exports and imports have both on the United States and on its trading partners?

The trading of resources in the US allows for the all around betterment of our economy, spreading our democratic system, and promoting world peace

Q7 Explain the difference between absolute and comparative advantage.

absolute is about the one of greater in both products, comparative is the lesser producer being less sucky at the second production

Q2 How is specialization related to trade?

countries have certain products for globalization

Q8 Why does trade result in interdependence?

having a relationship and dependent

Q1 How are the factors of production related to the need to specialize?

labor, land, capital

Q6 Why does the law of comparative advantage make sense based on resource use?

specialization allows for both to to create more of each product in relation to time and efficiency in resource use

Q9 Where does the United States rank among countries as an importer and exporter?

the US leads in exporting and importing

Comparative advantage

the ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors

Absolute advantage

the ability to produce a good using fewer inputs than another producer

Interdependence

the dependence of two or more people or things on each other.

Law of comparative advantage

the individual, firm, region, or country with the lowest opportunity cost of producing a particular good should specialize in that good

Q3 Identify the causes and effects of resource distribution.

the spreading o expanding of a product and creating more jobs and customers

Import

to carry into the country

Export

to carry out of the country

Q4 What is absolute advantage, and how is it related to resource use?

when a producer more efficiently makes a product for cheaper

Q5 What is comparative advantage, and how is it related to opportunity cost?

when another producer has a greater opportunity cost than the original in specialization