33:630:301 Chapter Notes - Chapter 7.1: North American Free Trade Agreement, Foreign Corrupt Practices Act, Gross Domestic Product
Document Summary
$ value of world trade has more than doubled in the past decade; will exceed trillion in. Manufactured goods/commodiies account for 75% of world trade. World trade lows relect interdependencies among industries/countries/regions (naions/regions in the world don"t paricipate equally in world trade) Trade feedback efect imports afect exports and vice versa argument for free trade among naions. Countertrade pracice of using barter rather than $ for making global sales (popular with: Gross domesic product (gdp) monetary value of all goods/services produced in a country during 1 year (us is the world"s perennial leader in terms of gdp) Balance of trade diference between the monetary value of a naion"s exports & imports. When a country"s exports exceed import = surplus in balance of trade. When a country"s imports exceed export = deicit. 2 important things in us over 30 years: imports exceed exports every year= us has coninuing balance of trade deicit.
