ch196 - CHAPTER CHECKLIST <When you have completed your...

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Cobbe ECO 2013 Fall 03 Chapter 19 Page 1 of 10 < 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 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 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 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 students; and all other payments across borders for non-material things. 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.
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Cobbe ECO 2013 Fall 03 Chapter 19 Page 2 of 10 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. 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 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:
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ch196 - CHAPTER CHECKLIST &lt;When you have completed your...

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