TXC 174 Textbook Notes (for MT1)

TXC 174 Textbook Notes (for MT1) - TXC174TextbookNotes 01:39

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TXC 174 Textbook Notes 01:39 Trade balance  = exports – imports Trade surplus positive trade balance  E>I desirable (more revenue from sales) in developing countries goods produced for export are not available to  domestic consumer Trade deficit Negative trade balance I>E Undesirable Greater revenue to foreign countries Japan is known for export of high tech fiber and fabrics that include microfibers Canada and the US has trade deficits in both textiles and apparel b/c high labor  rate and decline in domestic production World Trade Organization ( WTO )-describes differences btw “rich” countries and  “poor” countries 
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1 st  world- N. Am., Europe 2 nd  world-Soviet-led Eastern bloc, northern hemisphere 3 rd  world-southern hemisphere, Asia, Africa, Latin Am Newly Developing Countries Poor Overall econ conditions fall below world avg in measures like GDP Slowest in changing way of life Inadequate basic resources, poor education, repression caused by politics or  outside influences Low income, high unemployment, illiteracy, infant morality and low life  expectancies Most likely to benefit from initiating apparel production services (effort in bring  themselves to econ mainstream) Ideal resource is human labor  Developing Countries Less poor Improved overall econ conditions Transition phase btw focusing only on production for export and increasing  focus on opportunities related to domestic consumption Developed Countries Rich Shifted from producing textiles and apparel to consuming them
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Progressed from full industrial production to other stages of product  development GNP  (gross national product)-value of the avg output produced by domestic  residents of a nation as they labor within it; includes profits made by domestic  firms; doesn't include output of foreigners who are producing within the country GDP  (gross domestic product)- measure econ activity of nations; represents  market value of output of products and services produced within a country in a  year; includes contributions of migrant workers and other foreigners employed in  a country; excludes profits made by domestic firms from activities they completed  in other countries PPP  (purchasing power parity)-largest world economies are measured by this;  take into account cost of living differences among countries (currency exchange  rate) -developing countries=production, developed countries = consume textile complex -combination of textile-related businesses that supply soft goods  to the world population  main end uses for  soft goods apparel household goods industrial textiles
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This note was uploaded on 09/27/2011 for the course TXC 174 taught by Professor Na during the Spring '11 term at UC Davis.

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TXC 174 Textbook Notes (for MT1) - TXC174TextbookNotes 01:39

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