Trade and Interdependence Flashcards

Grade 4 · Social Studies · Flashcards

Key vocabulary for understanding trade, imports, exports, and global interdependence.

Flashcards

Trade: The exchange of goods and services between people, regions, or countries
Export: A good or service sent OUT of a country to be sold in another
Import: A good or service brought INTO a country from another
Interdependence: When countries or people rely on one another for goods, services, or resources
Specialization: Focusing production on what you do most efficiently, then trading for the rest
Natural resources: Raw materials from nature used to produce goods (oil, timber, iron ore, water)
Supply: The amount of a good or service available for purchase
Demand: The desire and ability of buyers to purchase a good or service
Tariff: A tax on imported goods, used to make them more expensive than domestic goods
Trade deficit: When a country imports more than it exports
Trade surplus: When a country exports more than it imports
Free trade: Trade between countries with few or no restrictions, tariffs, or barriers
Consumer: A person who buys and uses goods or services
Producer: A person or company that makes and sells goods or services