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Terms of trade (TOT) is a measure of how much imports an economy can get for a unit of exported goods. For example, if an economy is only exporting apples and only importing oranges, then the terms of trade are simply the price of apples divided by the price of oranges — in other words, how many oranges can be obtained for a unit of apples.
The first work published by the ICC on international trade terms was issued in 1923, with the first edition known as Incoterms published in 1936. The Incoterms rules were amended in 1953, [5] 1967, 1976, 1980, 1990, 2000, and 2010, with the ninth version — Incoterms 2020 [6] — having been published on September 10, 2019.
Latest issue consulted: Vol. 48, no. 4 (Oct. 15, 1930) "A monthly journal devoted to the elevator and grain interests." Subjects: Grain trade United States Periodicals; Grain elevators United States Periodicals
International trade theory is a sub-field of economics which analyzes the patterns of international trade, its origins, and its welfare implications. International trade policy has been highly controversial since the 18th century. International trade theory and economics itself have developed as means to evaluate the effects of trade policies.
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New trade theory; Economic geography; Intra-industry trade; Gravity model of trade; Ricardian trade theories; Balassa–Samuelson effect; Linder hypothesis; Leontief paradox; Lerner symmetry theorem; Terms of trade
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