Trade, Resources, And, Development

Question 1

Natural Resource

Answer 1

A naturally occurring source of wealth, such as land, water, forests, mineral deposits, food and fuel

Question 2

Export vs Import

Answer 2

Export- selling goods and services from your country to other countries.
Import- buying goods and services from another country

Question 3

Manufacturing

Answer 3

Making of articles on a large scale using machinery; industrial production

Question 4

Sanctions

Answer 4

Economic trade penalties applied by one or more countries against a self-government state or group of people. It could be trade barriers, tariffs, or restrictions on financial transactions.

Question 5

Embargo

Answer 5

More strict than sanctions, often includes a naval barrier or enforcing a no fly zone over a country as well restricting trade via sanctions.

Question 6

Tariff

Answer 6

Tax on imported foreign goods

Question 7

Developed vs developing

Answer 7

Developed( 1st world) have wealth health care and everything they need

Developing (3rd world) Don’t have everything they need

Question 8

Industrialization

Answer 8

Development of industries in a country or region on a wide scale-factories and manufacturing.

Question 9

“Service” Job

Answer 9

Job that provides service to its customers

Question 10

Urbanization

Answer 10

People moving form rules ares into big cities