ch19 - CHAPTER CHECKLIST When you have completed your study...

Info icon This preview shows pages 1–11. Sign up to view the full content.

View Full Document Right Arrow Icon
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
When you have completed your study of this chapter, you will be able to C H A P T E R C H E C K L I S T Describe some patterns and trends in international trade. 1 Explain why nations engage in international trade and why trade benefits all nations 2 Explain how and why trade barriers reduce international trade. 3 Explain some arguments used to justify trade barriers and show why they are mostly incorrect but also why some barriers are hard to remove. 4
Image of page 2
19.1 TRADE PATTERNS AND TRENDS Imports are the goods and services that we buy from people and firms in other countries. Exports are the goods and services that we sell to people and firms in other countries. We trade internationally: Goods Services
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
19.1 TRADE PATTERNS AND TRENDS Trade in Goods In 2002, manufactured goods accounted for: 47 percent of U.S. Exports 58 percent of U.S. imports Industrial materials account for: 16 percent of U.S. exports 20 percent of U.S. imports Agricultural products account for: 5 percent of U.S. exports 3 percent of U.S. imports
Image of page 4
19.1 TRADE PATTERNS AND TRENDS Trade in Services U.S. international trade in services is large and growing. In 2002, trade in services accounted for: 28 percent of U.S. exports 16 percent of U.S. imports Services include hotel and transportation services bought by American tourists and business people abroad and foreigners in the United States; insurance; license and royalty fees on film, TV, books, patents, software, and other technology; accounting and consulting fees; banking and other financial services; tuition payments for
Image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
19.1 TRADE PATTERNS AND TRENDS Trends in the Volume of Trade In 1960, the United States Exported 5 percent of total output Imported 5 percent of the goods and services bought. In 2002, the United States Exported 10 percent of total output Imported 14 percent of the goods and services bought.
Image of page 6
19.1 TRADE PATTERNS AND TRENDS Trading Partners and Trading Blocs The United States has trading links with every part of the world. The United States is a member of several international organizations that seek to promote international trade and regional trade.
Image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
19.1 TRADE PATTERNS AND TRENDS U.S. Trading Partners Biggest trading partner: Canada Second biggest trading partners: Mexico and Japan Other large trading partners: China Germany United Kingdom Significant volumes of trade with: Hong Kong, South Korea, and Taiwan
Image of page 8
19.1 TRADE PATTERNS AND TRENDS Trading Blocs A trading bloc is a group of nations in an international organization. The three largest geographical trading blocs are: North American Free Trade Agreement Asia-Pacific Economic Cooperation European Union
Image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
19.1 TRADE PATTERNS AND TRENDS North American Free Trade Agreement (NAFTA) An agreement between the United States, Canada, and Mexico to make trade and other transactions among them easier and freer.
Image of page 10
Image of page 11
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern