___ is the exchange of resources between the peoples of different nations.
___, the Scottish economist, described our current capitalist system of economics and international trade.
The Wealth of Nations
The book that described our current capitalist system of economics and international trade is ___, published in 1776.
The people and businesses of capitalist nations ___ to acquire needed resources and make profits.
An importer buys 1,000 elephant sculptures from India for $10 each and sells them to interior decorators for $30 each. With shipping and other expenses of $10 per elephant sculpture, she makes a $10 per sculpture profit, or $10,000 total ___.
Trade allows people, businesses, and governments to ___ acquire needed resources through voluntary exchange.
Trade brings cultures into contact, spreading ideas, technology, and understanding among the people of the world. This is an example of...
Trade grows the world economy, creating wealth and ___.
Trade is ___.
Trade allows nations to ___.
Without trade each nation would have to be ___, making all goods and services it consumes (or doing without some goods and services).
Trade lets each nation produce the goods and services it best produces and ___ those goods and services with other specialized trading nations.
Labor, land, entrepreneurship, and capital multiplied by technology are the productive...
The pharaohs encouraged an extensive trade network that made ___ an early power in the Ancient Near East.
East India Company
Corporations such as the ___ made Great Britain a world power and the wealthiest nation in the 19th century.
International trade helped develop the ___ from a small former colony of Great Britain at the end of the 18th century into the lone superpower of the early 21st century.
Constantly plagued with shortages; poor economy; collapsed 1991. One of its economic goals was self sufficiency.
Video smuggled out of ___, a nation that tried to become self-sufficient, depicts starving children and inhumane conditions.
International trade and specialization create ___ wealth than self-sufficiency.