Economics: Module 5 Note Taking Guide Match

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National Security _____________________________________________________________________________

Prices ______________________________________________________________________________________

Domestic Business ____________________________________________________________________________

Domestic Jobs _______________________________________________________________________________

Consumer Confidence _________________________________________________________________________

16. Match the following barriers to trade with their descriptions by drawing a line:

Barrier Descriptions

Tariff Sets a maximum amount of a product for import. With less product available, quantity supplied decreases and price increases.

Impact Complete refusal to import a good or even all goods from a particular country. It can create a black market for those goods and hurt the political relationship with the banned country. It could also potentially hurt the economy of one or both countries.

Embargo Limits consumer access to goods that are considered to be of poor quality or do not meet social expectations.

Regulation A tax on imported goods. It is added onto the selling price when it enters the country and increases the price of imported goods, thus decreasing the quantity demanded. In addition, it provides more revenue to the government.

Quota Safety and quality standard that may result in the ban of a specific ingredient or ingredients proven to be hazardous. If a product includes these ingredients, it is not allowed to enter the country. A regulation serves as a standard for the environmental or ethical impact.

17. Balance of trade is _______________________________________________________________________________

18. Outsourced means _______________________________________________________________________________

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