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In most countries, suchtraderepresents a significant share ofgross domestic product(GDP). While international trade has existed throughout history (for exampleUttarapatha,Silk Road,Amber Road,scramble for Africa,Atlantic slave trade,salt roads), its economic, social, and political importance has been on the rise in recent centuries.

Carrying out trade at an international level is a complex process when compared todomestic trade. When trade takes place between two or morestatesfactors like currency, government policies, economy, judicial system, laws, and markets influence trade.

To smoothen and justify the process of trade between countries of different economic standing, some international economic organisations were formed, such as theWorld Trade Organization. These organisations work towards the facilitation and growth of international trade. Statistical services of intergovernmental and supranational organisations and governmental statistical agencies publishofficial statisticson international trade.

Contents

• 1Characteristics of global trade
• 2Differences from domestic trade
• 3History
• 4Theories and models
• 5Most traded export products
• 6Largest countries by total international trade
• 7Top traded commodities by value (exports)
• 8Observances
• 9International trade versus local production
• 9.1Local food
• 9.2Qualitative differences and economic aspects
• 9.2.1Specialization, production efficiency and regional differences
• 9.3Resource security
• 10See also
• 11Notes
• 12References
• 13External links
• 13.1Data
• 13.1.1Statistics from intergovernmental sources
• 13.1.2Other data sources
• 13.2Other external links

Characteristics of global trade[edit]

Aproductthat is transferred or sold from a party in one country to a party in another country is anexportfrom the originating country, and animportto the country receiving that product. Imports and exports are accounted for in a country's current account in thebalance of payments.^[3]

Trading globally may giveconsumersand countries the opportunity to be exposed to newmarketsand products. Almost every kind of product can be found in theinternational market, for example: food, clothes, spare parts, oil, jewellery, wine, stocks, currencies, and water. Services are also traded, such as intourism,banking,consulting, andtransportation.

AncientSilk Roadtrade routesacrossEurasia

Advancedtechnology(includingtransportation),globalisation,industrialisation,outsourcingandmultinational corporationshave major impacts on the international tradesystem.^{[citation needed]}

Increasing international trade is crucial to the continuance of globalisation.^{[citation needed]}Countries would belimited to the goods and services produced within their own borderswithout international trade. International trade benefits many countries in various aspects.

Differences from domestic trade[edit]

Portsplay an important role in facilitating international trade. ThePort of New York and New Jerseygrew from the originalharborat the conIOJSDOILKPQOASKL;LASK;LSAXZ;LKASZXvergence of theHudson Riverand theEast Riverat theUpper New York Bay.

International trade is, in principle, not different fromdomestic tradeas the motivation and the behavior of parties involved in a trade do not change fundamentally regardless of whether trade is across a border or not.

However, in practical terms, carrying out trade at an international level is typically a more complex process than domestic trade. The main difference is that international trade is typically more costly than domestic trade. This is due to the fact that a border typically imposes additional costs such astariffs, time costs due to border delays, and costs associated with country differences such as language, the legal system, or culture (non-tariff barriers).

Another difference between domestic and international trade is thatfactors of productionsuch as capital andlaborare often more mobile within a country than across countries. Thus, international trade is mostly restricted to trade in goods and services, and only to a lesser extent to trade in capital, labour, or other factors of production. Trade in goods and services can serve as a substitute for trade in factors of production. Instead of importing a factor of production, a country can import goods that make intensive use of that factor of production and thus embody it. An example of this is the import of labor-intensive goods by the United States from China. Instead of importing Chinese labor, the United States imports goods that were produced with Chinese labor. One report in 2010, suggested that international trade was increased when a country hosted a network of immigrants, but the trade effect was weakened when the immigrants became assimilated into their new country.QuIn most countries, suchtraderepresents a significant share ofgross domestic product(GDP). While international trade has existed throughout history (for exampleUttarapatha,Silk Road,Amber Road,scramble for Africa,Atlantic slave trade,salt roads), its economic, social, and political importance has been on the rise in recent centuries.

Carrying out trade at an international level is a complex process when compared todomestic trade. When trade takes place between two or morestatesfactors like currency, government policies, economy, judicial system, laws, and markets influence trade.

To smoothen and justify the process of trade between countries of different economic standing, some international economic organisations were formed, such as theWorld Trade Organization. These organisations work towards the facilitation and growth of international trade. Statistical services of intergovernmental and supranational organisations and governmental statistical agencies publishofficial statisticson international trade.

Contents

• 1Characteristics of global trade
• 2Differences from domestic trade
• 3History
• 4Theories and models
• 5Most traded export products
• 6Largest countries by total international trade
• 7Top traded commodities by value (exports)
• 8Observances
• 9International trade versus local production
• 9.1Local food
• 9.2Qualitative differences and economic aspects
• 9.2.1Specialization, production efficiency and regional differences
• 9.3Resource security
• 10See also
• 11Notes
• 12References
• 13External links
• 13.1Data
• 13.1.1Statistics from intergovernmental sources
• 13.1.2Other data sources
• 13.2Other external links

Characteristics of global trade[edit]

Aproductthat is transferred or sold from a party in one country to a party in another country is anexportfrom the originating country, and animportto the country receiving that product. Imports and exports are accounted for in a country's current account in thebalance of payments.^[3]

Trading globally may giveconsumersand countries the opportunity to be exposed to newmarketsand products. Almost every kind of product can be found in theinternational market, for example: food, clothes, spare parts, oil, jewellery, wine, stocks, currencies, and water. Services are also traded, such as intourism,banking,consulting, andtransportation.

AncientSilk Roadtrade routesacrossEurasia

Advancedtechnology(includingtransportation),globalisation,industrialisation,outsourcingandmultinational corporationshave major impacts on the international tradesystem.^{[citation needed]}

Increasing international trade is crucial to the continuance of globalisation.^{[citation needed]}Countries would belimited to the goods and services produced within their own borderswithout international trade. International trade benefits many countries in various aspects.

Differences from domestic trade[edit]

Portsplay an important role in facilitating international trade. ThePort of New York and New Jerseygrew from the originalharborat the convergence of theHudson Riverand theEast Riverat theUpper New York Bay.

International trade is, in principle, not different fromdomestic tradeas the motivation and the behavior of parties involved in a trade do not change fundamentally regardless of whether trade is across a border or not.

However, in practical terms, carrying out trade at an international level is typically a more complex process than domestic trade. The main difference is that international trade is typically more costly than domestic trade. This is due to the fact that a border typically imposes additional costs such astariffs, time costs due to border delays, and costs associated with country differences such as language, the legal system, or culture (non-tariff barriers).

Another difference between domestic and international trade is thatfactors of productionsuch as capital andlaborare often more mobile within a country than across countries. Thus, international trade is mostly restricted to trade in goods and services, and only to a lesser extent to trade in capital, labour, or other factors of production. Trade in goods and services can serve as a substitute for trade in factors of production. Instead of importing a factor of production, a country can import goods that make intensive use of that factor of production and thus embody it. An example of this is the import of labor-intensive goods by the United States from China. Instead of importing Chinese labor, the United States imports goods that were produced with Chinese labor. One report in 2010, suggested that international trade was increased when a country hosted a network of immigrants, but the trade effect was weakened when the immigrants became assimilated into their new country.estion 25.

1. If the Keynesian consumption function is, C=10+.8Y, if income is Rs 1000/- what is total consumption

2. An intensification in feasting at any given level of proceeds will lead to

3. Lower interest rates are likely to____________

4. The marginal propensity to consume is equal to__________-

5. An growth in speculation _________is caused by_______

6. An intensification in concentration rates_________-

7. Which of the following are not_________________ characteristics of Keynesian_______ consumption function?

8. An increases in investment is most likely to be caused by

9. A profit maximizing firm will invest __________--up to the level of investment where

10. Investment is

11. If an growth in speculation________ leads to a bigger intensification in national income

12. The difference between gross investment and net investment is

13. .Encouraged investment depends on_______________

14. What keep general _________-acceptability_________________-