There has been an unequal distribution of productive resources by the nature on the surface of the earth. Slave Trade Revision A worksheet to revise the main points about the slave trade. Balance of Trade and Balance of Payments. Joining a Nation Worksheet - Answer Key First Nations around Burrard Inlet 1. Increased welfare – specialisation (where countries have a comparative advantage – see the next … Why do countries trade?Countries trade with each other when, on their own, they do not have the resources, or capacity to satisfy their own needs and wants. Why did some countries seek war while others sought to avoid war? Quota 3. According to the theory of comparative advantage, countries gain from trade because a. The basic reason for different nations entering into trade is that no nation has the capacity to produce by itself all the commodities and services that are required by its people. Different factor endowments – some economies are rich in natural resources while others have relatively little. In this World Economy lesson, 12th graders compare and contrast different types of economies. 3 Educator answers. The students should apply their understanding of comparative advantage and specialization to express the reasoning behind these nations choices. Because countries cannot effi- ciently produce everything their citizens need and want, they engage in trade. Building on research from Adam Smith along with Robert Torrens, Ricardo explains how nations can benefit from trading even if one of them has an absolute advantage in producing everything. The five basic reasons why trade may take place are summarized below. Trade makes firms behave more competitively, reducing their market power. Most less-developed countries have agriculture-based economies, and many are tropical, causing them to rely heavily upon the proceeds from export of one or two crops, such as coffee, cacao, or sugar. International trade - International trade - Trade between developed and developing countries: Difficult problems frequently arise out of trade between developed and developing countries. The Slave Debate A worksheet giving views on slavery which pupils have to sort out into for and against. 2. 5. Free trade increases worldwide material standards of living. Latest answer posted January 25, 2010 at 1:10:38 PM What was the League of Nations, and why did it fail? c) Trade enhances opportunities to accumulate profits. Use Visual 1 to reveal the mystery nations and go over the answers for Activity 1. According to Ball et al. Trade Worksheet . Despite mutual benefits from trade among people in different countries, many nations employ trade barriers to restrict free trade for national defense reasons or because some companies and workers are hurt by free trade. Trade among nations is taken as a sign of good intent and a means of maintaining non-hostile diplomatic relations. 1. Start studying Why do nations trade?. It also conveys the top goods the U.S. exports to these countries. The principle of comparative advantage states that each country should specialize in the goods it can produce most readily and cheaply and trade them for those that other countries can produce most readily and cheaply. ... Smith, a Scottish moral philosopher by trade… They are reproduced in part here under fair use as a resource for Scouts and Scouters to use in the earning and teaching of merit badges. In other words, a country has an absolute advantage in producing a good or service if it can … Have each group report its findings to the class. A: Cost is the monetary value that a company spends in the creation of goods and services. Nations conduct international trade because: a) Some nations prefer to produce one thing while others produce other things. Answers to Activity 1 5. What motivated nations in the years preceding World War II? The League of Nations. •They hinder (stop or slow down) global trade. Median response time is 34 minutes and may be longer for new subjects. Preparation: ... and the course website lists many other sources Doing this worksheet properly will take a couple of hours ... As the syllabus says, question sets and worksheets receive full credit if they represent a reasonable effort to answer the questions. Competition. Trade enables economies to specialise in the export of some resources and earn revenue to pay for imports of other goods. The ancient kingdom of Ghana was located in what two modern African nations? The League of Nations. 1. 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