The nature of what can be considered international trade has changed, particularly with the emergence ofglobal value chainsand the trade of intermediary goods they involve. This trend obviously reflects the strategies of multinational corporations positioning their manufacturing assets in order to lower costs and maximize new market opportunities. About 80% of the global trade takes place within value chains managed by multinational corporations. International trade has thus grown at afaster rate than global merchandise production, with the growing complexity of distribution systems supported by supply chain management practices. The structure ofglobal trade flowshas shifted, with many developing economies having growing participation in international trade with an increasing share of manufacturing.

Globalization has been accompanied bygrowing flows of manufactured goodsand theirgrowing share of international trade. The trend since the 1950s involved a relative decline in bulk liquids (such as oil) and more dry bulk and general cargo being traded. Recently, the share of fuels in international trade has increased, mainly due to rising energy demand and prices. Another emerging trade flow concerns the increase in the imports of resources from developing economies, namely energy, commodities, and agricultural products, which is a divergence from their conventional role as exporters of resources. This is indicative of economic diversification as well as increasing standards of living. However, significant fluctuations in the growth rates of international trade are linked with economic cycles of growth and recession, fluctuations in the price of raw materials, as well as disruptive geopolitical and financial events.The nature of what can be considered international trade has changed, particularly with the emergence ofglobal value chainsand the trade of intermediary goods they involve. This trend obviously reflects the strategies of multinational corporations positioning their manufacturing assets in order to lower costs and maximize new market opportunities. About 80% of the global trade takes place within value chains managed by multinational corporations. International trade has thus grown at afaster rate than global merchandise production, with the growing complexity of distribution systems supported by supply chain management practices. The structure ofglobal trade flowshas shifted, with many developing economies having growing participation in international trade with an increasing share of manufacturing.

Globalization has been accompanied bygrowing flows of manufactured goodsand theirgrowing share of international trade. The trend since the 1950s involved a relative decline in bulk liquids (such as oil) and more dry bulk and general cargo being traded. Recently, the share of fuels in international trade has increased, mainly due to rising energy demand and prices. Another emerging trade flow concerns the increase in the imports of resources from developing economies, namely energy, commodities, and agricultural products, which is a divergence from their conventional role as exporters of resources. This is indicative of economic diversification as well as increasing standards of living. However, significant fluctuations in the growth rates of international trade are linked with economic cycles of growth and recession, fluctuations in the price of raw materials, as well as disruptive geopolitical and financial events.

Question 19.

1. Who is considered as father of modern macroeconomics_______________

2. Who was know as considered in the world of economic to havewrote the book "General Philosophy of Service, Curiosity and Money"_____

3. The tenure_____________ microeconomics and macroeconomics were foremost assumed by -----------

4. The book "All-purpose System of Employ, Concentration and Money" was in book form in----------

5. Macroeconomics ____________turn out to be widespread after-------------

6. The stretch ___________'macro' has be situated consequential from--------------

7. In macroeconomics, ________________ we homework about ------------------

8. Which of the ___________subsequent is/are the penalty area of macroeconomics-----------

9. What are the tools of macroeconomics?

10. The schoolwork of assemblies ____________and comprehensive collections of the low-cost is known as-----------