geb2 - Chapter 5 Learning Objectives After studying this...

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Unformatted text preview: Chapter 5 Learning Objectives After studying this chapter you should be able to: 1. Use the resource- and institution-based views to explain why nations trade 2. Understand classical and modern theories of international trade 3. Realize the importance of political and economic realities governing international trade 4. Participate in two leading debates on international trade 5. Draw implications for action Trade terms exporting - Selling abroad importing - Buying from abroad merchandise physical goods services - acts, efforts, or performances exchanged from producer to user without ownership rights trade deficit - An economic condition in which a nation imports more than it exports trade surplus - An economic condition in which a nation exports more than it imports balance of trade - The aggregation of buying (importing) and selling (exporting) by both sides leads to the country-level trade surplus or deficit. REALITIES OF INTERNATIONAL TRADE...
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geb2 - Chapter 5 Learning Objectives After studying this...

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