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3 Cards in this Set
- Front
- Back
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International trade |
Consists of buying and selling of exports and imports between countries |
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Why do we trade |
Different countries have different natural, human and capital resources and employ different ways of combining these resources. These encourage countries to specialise in those goods and services which they are most efficient, then countries are able to race any surpluses they produce for other goods and services. |
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Key factors behind expansion of trade |
Consumer expectations- people now see what consumers in other counties have and want it for themselves- (particularly in developing nations where wage levels are increasing) Efforts of the world trade organisation to remove barriers to trade Technological changes- such as the Internet and satellite communication systems The falling costs of transporting goods - and the increased use of containerisation Cross border deregulation- trading blocs create an international trading community making trading across borders easier |
