GO Flashcards
What is specialization?
Specialization is when countries focus on producing certain goods or services they can produce efficiently.
Why do countries specialize?
Countries specialize because they cannot produce all the goods/services they need.
What is the benefit of specialization in trade?
Specialization increases trade because a country can obtain what it needs at a lower cost when produced by someone who specializes in that item.
What do Saudi Arabia, Iran, Iraq, and Kuwait specialize in?
They specialize in oil production.
What does Israel specialize in?
Israel specializes in the diamond industry.
What does Turkey export?
Turkey exports coal and food to Europe.
What are natural trade barriers?
Natural trade barriers include geographical features such as mountains, deserts, and rainforests.
