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Intra-industry trade refers to the exchange of similar products belonging to the same industry. The term is usually applied to international trade , where the same types of goods or services are both imported and exported.
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.
International trade is the exchange of capital, goods, and services across international borders or territories [1] because there is a need or want of goods or services. [2] ...
Three sectors according to Fourastié Clark's sector model This figure illustrates the percentages of a country's economy made up by different sector. The figure illustrates that countries with higher levels of socio-economic development tend to have less of their economy made up of primary and secondary sectors and more emphasis in tertiary sectors.
Economists refer to a system or network that allows trade as a market. Traders generally negotiate through a medium of credit or exchange, such as money. Though some economists characterize barter (i.e. trading things without the use of money [ 1 ] ) as an early form of trade, money was invented before written history began.
Pochteca were the merchants of the Aztec Empire (1426–1521) who carried trade goods, tribute, and information about neighbors from beyond the empire's borders. Artisanal products produced in the city of Tenochtitlan served as valuable trade goods, while the city of Tlateloco was home to a large market serving thousands of people a day. [5]
Marginal Intra-Industry Trade, a concept originating in international economics, refers to the degree to which the change in a country's exports over a certain period of time are essentially of the same products as its change in imports over the same period.
the quantity of labour time socially necessary to produce the appropriate amount of the product, i.e. the amount of a product which at the production price meets the effective demand for it—this quantity defines the correspondence between the total quantity of the commodity produced as use-values and the effective demand for those use-values.