An Overview to the International Trade GrLOBALIZATioN PR C NG L OUTSOURCING TARIFF LAW- NTERNAT ON ALYIMPORT TRADE COST ORIGIN CUSTOMS EXCHANGE FREIGHT RATE INSURANCE DOCUMENTS
International Trade . the branch of economics concerned with the exchange of goods and services with foreign countries . purchase, sale, or exchange of goods and services across national borders
International Trade . Almost every kind of product can be found on the international market such as: Food Clothes Spare Parts Wine Stock Currencies v Oil Jewelry
WTO: WHAT THEY DO? IMPLEMENTATION AND MONITORING TRADE DISPUTE SETTLEMENT BUILDING TRADE CAPACITY INVESTMENT AND TRADE TRADE POLICY REVIEWS
ABSOLUTE ADVANTAGE OCCURS WHENONE PRODUCER CAN DO A TASK USING FEWER INPUTS THAN THE OTHER PRODUCER
COST ADVANTAGE OCCURS WHEN A PERSON OR COUNTRY CAN PRODUCE A GOOD OR SERVICE AT A LOWER OPPORTUNITY COST THAN OTHERS
WHY SPECIALIZE? BECAUSE OF SPECIALIZATION BOTH NATIONS CAN BE BETTER OFF, EVEN IF ONE NATION HAS AN ABSOULTE ADVANTAGE IN BOTH GOODS OVER THE OTHER.
TRADE BARRIERS(TARIFFS, SUBSIDIES, QUOTAS) -TARIFFS AND NON TARIFFS
Tariff Trade Barrier a tax on goods shipped internationally A price-based barrier
Tariffs: Types of tariffs .Specific duty: a tariff based on the number of items being imported. . Ad valorem duty: a tariff based ona percentage of the value of imported goods. Compound duty: a tariff consisting of both a specific and ad valorem - duty.
REASON FOR TRADE BARRIERS DOMESTIC EMPLOYMENT LOW FOREIGN WAGES INFANT INDUSTRY UNFAIR TRADE NATIONAL SECURITY
CONSUMER SURPLUS EXCESS OF WHAT A CONSUMER IS WILLING TO PAY HE ACTUALLY HAS TO PAY.
PRODUCER SURPLUS EXCESS OF WHAT A SUPLLIER IS WILLING TO RECEIVE AT A MINIMUM AMOUNT AND WHAT HE ACTUALLY RECEIVES
Importance of International Trade e Without international trade, nations would be limited to the goods and services produced within their own borders. e International trade is the backbone of our modern, commercial world, as producers in various nations try to profit from an expanded market, rather than be limited to selling within their own borders. There are many reasons that trade across national borders occurs, including lower production costs in one region versus another, specialized industries, lack or surplus of natural resources and consumer tastes.
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