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International trade
Speed Match Review Game

This game has been played 7 times
The best time ever was Mark J at 155 seconds.
The best time today is at seconds.
How To Play:
Drag the squares in the gray area and drop them in the matching squares in the blue area below.
If you drop a square in the correct spot, it will disappear.
If you make a mistake, the square will return to its original spot.
Good luck!

Let's Play Speed Match!

floating exchange rate system
quota
cost push inflation
trade diversion
free trade
customs union
red tape / bureaucratic barriers
terms of trade
trading bloc
their exports become more competitive overseas
constant returns to scale
tariff
current account deficit
subsidy
fixed exchange rate system
comparative advantage
world trade organisation
to protect dumping
current account surplus
protectionism
exchange rate
economic integration
current account
consumers
absolute advantage
When a nation can produce a product at a lower unit cost than another country
The free movement of goods and services between different nations
Equal to exports minus imports
A tax placed on an imported good or service
The stakeholder which is always the beneficiary of free trade
An exchange rate system where the exchange rate is fixed or pegged to another currency
A legitimate reason for imposing a tariff on products from a different country
When the value of a nations exports exceed the value of their imports
When the value a nations imports exceed the value of their exports
When a nation can produce a product at a lower opportunity cost than another country
The value of one currency relative to the value of another
A financial incentive provided for domestic firms to allow them to compete with cheaper imported products
An advantage enjoyed by a nation following a currency devaluation
An organisation which was set up with the specific aim of regulating international trade between member states
When a country is forced to abandon their existing bi-lateral trade agreements in favour of multi-lateral deals agreed by the a new trading bloc
A measure of the price of traded goods and services in the economy
When an exchange rate is allowed to move up and down freely without government intervention
A disadvantage that occurs when a nation devalues their currency
When restrictions are placed on the free movement of goods and services between nations
One of the limitations of comparative advantage theory is that it presumes
A customs union with common standards such as the EU
When a group of countries join together to form a trading agreement
A limit on the number or value of a good or service that a country will allow into the country
When different countries coordinate and link their economic policies
Hidden trade barriers which officially do not exist

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Here are all the answers:

DescriptionMatch:
When a nation can produce a product at a lower opportunity cost than another countrycomparative advantage
When a nation can produce a product at a lower unit cost than another countryabsolute advantage
One of the limitations of comparative advantage theory is that it presumesconstant returns to scale
When restrictions are placed on the free movement of goods and services between nationsprotectionism
The free movement of goods and services between different nationsfree trade
A legitimate reason for imposing a tariff on products from a different countryto protect dumping
Equal to exports minus importscurrent account
The stakeholder which is always the beneficiary of free tradeconsumers
When different countries coordinate and link their economic policieseconomic integration
When a group of countries join together to form a trading agreementtrading bloc
A customs union with common standards such as the EU customs union
When a country is forced to abandon their existing bi-lateral trade agreements in favour of multi-lateral deals agreed by the a new trading bloctrade diversion
An organisation which was set up with the specific aim of regulating international trade between member statesworld trade organisation
A tax placed on an imported good or servicetariff
A limit on the number or value of a good or service that a country will allow into the countryquota
A financial incentive provided for domestic firms to allow them to compete with cheaper imported productssubsidy
Hidden trade barriers which officially do not existred tape / bureaucratic barriers
A measure of the price of traded goods and services in the economyterms of trade
When the value of a nations exports exceed the value of their importscurrent account surplus
When the value a nations imports exceed the value of their exportscurrent account deficit
The value of one currency relative to the value of anotherexchange rate
An advantage enjoyed by a nation following a currency devaluationtheir exports become more competitive overseas
A disadvantage that occurs when a nation devalues their currencycost push inflation
An exchange rate system where the exchange rate is fixed or pegged to another currencyfixed exchange rate system
When an exchange rate is allowed to move up and down freely without government interventionfloating exchange rate system