AI Generated Letterboard Lesson

How Do Tariffs Work?

#TariffsTaught #TradePolicy #EconomicsForTeens #RealWorldMath #WordUp #LetterboardLessons

✓ Verified for Accuracy

Preview — Section 1 of 8

Subscribe to unlock all 8 sections, print, and use this lesson in a live session.

red and white cargo ship at middle of ocean

Every time a country buys goods from another country, that exchange is called TRADE. The goods traveling across borders are called IMPORTS when they come in and EXPORTS when they go out. Countries track the difference between what they import and what they export — that gap is called the TRADE BALANCE. When a country imports more than it exports, it runs a DEFICIT, which means it is spending more on foreign goods than it earns from selling its own goods abroad. Understanding trade is like understanding a giant math equation — every purchase and every sale gets counted on both sides of the ledger.

Goods coming into a country from another country are called _____.

IMPORTS

Goods leaving a country to be sold abroad are called _____.

EXPORTS

When a country imports more than it exports, it runs a trade _____.

DEFICIT

Name something the text tells us about trade balance.

IT IS THE GAP BETWEEN IMPORTS AND EXPORTS / A DEFICIT MEANS SPENDING MORE ON FOREIGN GOODS

Name a term from the text that describes how countries exchange goods.

TRADE / IMPORTS / EXPORTS / TRADE BALANCE / DEFICIT

The World Trade Organization, which sets rules for international trade, has its headquarters in _____.

GENEVA

Writing Prompt

Write whatever comes to mind about how buying and selling between countries might affect your everyday life.

🔒

Section 2