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Basic Concepts of International Trade
Exports & Imports: Countries sell goods and services to others (exports) and buy from others (imports).
Balance of Trade (BOT): The difference between a country's exports and imports.
Trade Surplus & Deficit:
Surplus (exports > imports),
Deficit (imports > exports).
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Theories of International Trade
Absolute Advantage (Adam Smith): A country should produce what it can do best.
Comparative Advantage (David Ricardo): Even if a country is better at everything, it should focus on what it does relatively better.
Heckscher-Ohlin Theory: Countries export goods that use their abundant resources (like labor or capital).
New Trade Theory: Large-scale production and market competition influence trade.
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Trade Policies & Agreements
Free Trade: No restrictions on imports/exports (e.g., WTO rules).
Protectionism: Governments impose tariffs, quotas, or subsidies to protect local industries.
Regional Trade Agreements (RTAs):
Free Trade Agreements (FTAs) β e.g., NAFTA, ASEAN.
Customs Union β Common external trade policies (e.g., European Union).
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Factors Affecting International Trade
Economic Conditions: GDP, inflation, currency exchange rates.
Political Stability: Trade thrives in politically stable regions.
Technology & Infrastructure: Better transport and communication boost trade.
Natural Resources & Labor Supply: Resource-rich countries export raw materials; others focus on manufacturing or services.
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Global Trade Organizations
World Trade Organization (WTO): Regulates global trade, resolves disputes.
International Monetary Fund (IMF): Stabilizes currency exchange and supports economies.
World Bank: Provides financial aid for development projects.
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IDEAS CURATED BY
CURATOR'S NOTE
"A deep dive into the dynamics of international trade, exploring how countries exchange goods and services, the economic theories behind trade, and the impact of policies, globalization, and market forces on global commerce."
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