Please enable JavaScript.
Coggle requires JavaScript to display documents.
International Trade, or - Coggle Diagram
International Trade
Export
Sell products and services abroad
Import
Buy goods and services from foreign trading partners
Mercantilism
Prioritizing self-sufficiency
Maximizer exports
Minimize imports
Increase a country's supply of gold
Created barriers
Specialization
Focus on making what they're good at and import the rest
Microeconomic Specialization
career
Labour
Gross Domestic Product
The sum of all the final goods and services a country produces in a year
GATT
Lowered trade barriers
After WWII
Created by the UN
Created rules to trade freely
1995
World Trade Organization
Deals with the rules of trade between nations.
In the USA labor unions argue the WTO doesn't protect U.S. wages from being undercut by trades in China
Comparative Advantage
Use specialization to their advantage
Can't sell a high quality product at a reasonable price, will not succeed
Globalization
The growing interdependence of the world’s:
economies
cultures
populations
Definition
Build the economy around something that you are comparatively good at
or
