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Why do countries at the same time import and export the products of the same industry, or import and export the same kinds of goods? According to Nigel Grimwade, "An explanation cannot be found within the framework of classical or neo-classical trade theory. The latter predicts only inter-industry specialisation and trade". [1]
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] ...
A related but different everyday usage occurs in the sentence "He makes a lot of money." This refers to a variable that economists call income. Unlike the usages mentioned above, this one has the units "dollars, or another currency, per unit of time", where the unit of time might be a week, month, or year, making it a flow variable.
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.
This is because while most uses of the input–output analysis focus on the matrix set of inter-industry exchanges, the actual focus of the analysis from the perspective of most national statistical agencies is the benchmarking of gross domestic product. Input–output tables therefore are an instrumental part of national accounts. As suggested ...
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.
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.
Global Competitiveness Index (2008–2009): competition is an important determinant for the well-being of states in an international trade environment. Economic competition between countries (nations, states) as a political-economic concept emerged in trade and policy discussions in the last decades of the 20th century.