Voluntary trade

Define

• Specialization- When a country makes that product well, and is easy to make for that country.

Interdependence

• Is when you are between independence. Where you are free but, you are not fully free.
• Or where one thing depends on another to survive

Example

• Interdepndence- When slaves were in the aparthied.
• Specialtzation- china making silk

Specialization

Interdependence

Trade Barriers

Trade barriers

• Physical- They are things such as mountains adn naturaul blockings.
• Political- Are tarrifs or things made by the ecomcomony

Untitled Slide

• Quota- Is a certain # of items allowed in
• Embargo- Is a block on a product

Currency

Internantionl trade

• Is where people trade all across the world

Exchange rate

• Is the rate of exchange one currency can be bought by another.

Why?

• Because each country has a different type of money and worth.