Ch5SlidesAndNotesBus187 - LEARNING OBJECTIVES After...

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LEARNING OBJECTIVES After studylng thls chapter you should be able to: '. use th€ resource- and lnstitutlon-barsed vlews to explaln why natlons trade 2. Urderstard cbsslcal and nFdem theories of lntematlonal trade 3. Reauze the lmportance of polltlcal and ed)nomh realltles govemlng lntematlonal trade 4, Partidpate h two leadlng debates on lnternatlonal trad€ 5. Draw lmdl(atlons for actlon Trade terms exporting - Selling abroad importing - Buying from abroad merchandise - physical goods services - acts, efforts, or petformances exchanged from producer to user without ownership rights Trade Balance trade deficit - An economic condition in which a nation imDorts more than it exDorts trade surplus - An economic condition in which a nation exports more than it impofts balance oftrade - The aggregation of buying (importing) and selling (exporting) by both sides leads to the country-level trade surplus or deficit. Ml.ah ??io Iffi 11* Wq/rtorJ 2620 l0O%
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ffi fr tnow ru wono -moi ourpaces GROffi IN WORLO GDP (ANNUAL % CHAHGE} Classical Trade Theories lEEl CoMPARAwEADVNAG L FrrdE. vi i"a . .-.'.1- ::ar.rrd.:-a!U1!a:t ::j ^: *krf i Trade Theories classical trade theories - major theories typically studied consist of mercantilism, absolute advantage, and
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Ch5SlidesAndNotesBus187 - LEARNING OBJECTIVES After...

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