Geo Chapter 6 - Review Flashcards
What is a balance of trade? What is the term for a country that has a good trade balance and a bad trade balance?
The trade balance is the relationship between the values of a country’s exports and imports. When a country exports more than imports, they are in a trade surplus and have a good trade balance. when the opposite is true, they have a trade deficit and a bad trade balance
What are three popular goods and service transports and there pros and cons?
In the textbook, three methods of transporting goods and services is talked about…
- Supertankers are large boats that are fairly cheap to use but can be catastrophic if a crash or spill happens
- container freight is the method where goods are transported via metals container. there are easily loaded onto boat and truck but can be knocked over in heavy storms
- electric power is the way energy is transported. it is easy and cost-effective to share energy with neighboring countries but if a power outage occurs a lot more people are affected
Who are the top trades? What are there pros and cons?
There are six top traders…
-The U.S. is a large country with many natural resources. There is one of the leading wheat producers but uses large amounts of energy and has high labor costs. There are in a trade deficit
-Germany has the highest value exports even with its little to no natural and normal resources and is in a trade surplus
-China has had issues with human rights and still has some today though is still rapidly developing and has a huge, low-cost labor supply
-Japan is one of the leading technological and industrial leaders in the world. though their country is overpopulated and has an aging workforce, most people come out of Japan as successful hard workers.
-The U.K. has limited resources available but high amounts of energy. Though the U.K is old with most buildings and factories being very old
-Canada is a successful country with large amounts of college and university students entering the workforce, as well as a surplus of natural resources, and is a large exporter of grain. Their main downside is there the country there trade most with has many policies that get in their way
What is the European union
The European Union was formed at a time after the world wars when Europe had destroyed factors to their name. A European Union is a large group of currently 27 that all share a free trade agreement.
What is OPEC
OPEC stands for the Organization of petroleum exporting countries. OPEC was formed when most countries that had large surpluses of oil, didn’t gain much profit from it, and oil prices were very unstable. 12 countries that own over 70% of the world’s oil supply are in this group and now control the prices and supply of oil. there work to maintain fair and stable prices of oil
What is the WTO
WTO stands for the world trade organization, The world trade organization is a trade advisory group that controls trade around there world. the group promotes free trade among all countries, settles trade disputes, and even has the ability to put trade penalties on any country not following three WTO ruling
What are three popular goods and service transports and their pros and cons?
In the textbook, three methods of transporting goods and services is talked about…
- Supertankers are large boats that are fairly cheap to use but can be catastrophic if a crash or spill happens
- container freight is the method where goods are transported via metals container. there are easily loaded onto boat and truck but can be knocked over in heavy storms
- electric power is the way energy is transported. it is easy and cost-effective to share energy with neighboring countries but if a power outage occurs a lot more people are affected
