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APPECO- Group4 International Trade

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  International Trade Chapter 4  Nature of International trade    International Trade    –    is the exchange of goods   and services among nations.    Imports    –    are goods and services purchased fro   m other countries.    Exports    –    are goods and services sold to other   countries.  International Trade Nature of International Trade    S  e  c   t   i  o  n    4 .   1 The principle of economic interdependence is fundamental to marketing in a global environment.  Interdependence of Nations    Absolute Advantage   -   a country has natural resou   rces or talents that allow it to produce an item at t   he lowest possible cost.   China = 80 % silk worm.Africa= diamondsSaudi Arabia = oil    Comparative Advantage    –    is the value that a natio   n gains by selling what it produces most efficientl   y. Better infrastructure, raw materials, and educat   ed labor force.
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