Question

name
concepts review

1. what is the global economy?
2. how does scarcity affect global trade?
3. what is the difference between importing and exporting?
4. name some ways in which entrepreneurs can benefit from international trade.
5. why are tariffs and quotas considered trade barriers?

Explanation:

1. The global economy is the worldwide economic system.
2. Scarcity can raise prices, limit trade.
3. Importing is bringing in goods, exporting is sending out.
4. Access new markets, economies of scale.
5. Tariffs add cost, quotas limit quantity.

Answer:

1. The worldwide economic system.
2. Raises prices, limits trade.
3. Importing: bring - in; Exporting: send - out.
4. Access new markets, economies of scale.
5. Add cost (tariffs), limit quantity (quotas).