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International trade is exchange of capital, goods, and services across international borders or territories. It refers to exports of goods and services by a firm to a foreign-based buyer (importer)In most countries, it represents a significant share of gross domestic product (GDP). While international trade has been present throughout much of history (see Silk Road, Amber Road), its economic, social, and political importance has been on the rise in recent centuries. Industrialization, advanced transportation, globalization, multinational corporations, and outsourcing are all having a major impact on the international trade system. Increasing international trade is crucial to the continuance of globalization. International trade is a major source of economic revenue for any nation that is considered a world power. Without international trade, nations would be limited to the goods and services produced within their own borders. International trade is in principle not different from domestic trade as the motivation and the behavior of parties involved in a trade do not change fundamentally regardless of whether trade is across a border or not. The main difference is that international trade is typically more costly than domestic trade. The reason is that a border typically imposes additional costs such as tariffs, time costs due to border delays and costs associated with country differences such as language, the legal system or culture. Another difference between domestic and international trade is that factors of production such as capital and labor are typically more mobile within a country than across countries. Thus international trade is mostly restricted to trade in goods and services, and only to a lesser extent to trade in capital, labor or other factors of production. Then trade in goods and services can serve as a substitute for trade in factors of production. Instead of importing a factor of production, a country can import goods that make intensive use of the factor of production and are thus embodying the respective factor. An example is the import of labor-intensive goods by the United States from China. Instead of importing Chinese labor the United States is importing goods from China that were produced with Chinese labor. International trade is also a branch of economics, which, together with international finance, forms the larger branch of international economics. International trade uses a variety of currencies, the most important of which are held as foreign reserves by governments and central banks. Here the percentage of global cummulative reserves held for each currency between 1995 and 2005 are shown: the US dollar is the most sought-after currency, with the Euro in strong demand as well.From Wikipedia under the
GNU Free Documentation License How does international trade and domestic economy play a role when purchasing a home? Q. How does international trade and domestic economy play a role when purchasing a home? Do they even play roles?? I don't see how they do. Asked by Katherine M - Sun Oct 11 15:55:19 2009 - - 1 Answers - 1 Comments A. If international trade is down due to global recession and the US economy is in a big recession due to external (and internal) factors than obviously people will have less money to spend and purchasing a home will not be top on their list. Surviving till things improve would be their top priority. Answered by Savetheworld - Mon Oct 12 03:46:08 2009 What are the forces that drive growth in international trade? Q. Help. Im not quite sure what is meant by 'forces'. Are they social, political or economic forces?. How about the government deregulating its economy to encourage trade. What are other examples of these forces that drive growth in international trade and is it good for the countries involved?Im pretty sure smaller countries suffer in this process. Asked by Pamela_1988 - Tue May 6 03:15:05 2008 - - 5 Answers - 0 Comments A. Globalisation has seen industralisation and increased capitalism. To compete globally requires competitive practices which has resulted in free trade and the lifting of all trade protection, hence deregulation. I would say this is about the forces of globalisation because this is currently what is influencing all economic policital and and social forces. Answered by meg - Tue May 6 03:53:06 2008 When should a country consider expanding from strictly domestic trade to international trade?
Q. when should it consider becoming further involved in international trade?What factors might affect the firm`s decision in each case? Asked by Lynshalachatte - Wed Feb 4 18:48:42 2009 - - 1 Answers - 0 Comments A. Day 2 Answered by SDD - Wed Feb 4 19:03:26 2009 From Yahoo Answer Search: "International Trade" See also:
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