This document provides an insight to the topic Trade in the Contemporary world. Key concepts and terminology are introduced and expanded upon with examples or detailed explanations. Sources include the OCR textbook, Teacher notes, concepts and Ideas raised in Class Discussions and Statistics from T...
NOTES:
Trade occurs across different scales:
- Nationally, Globally, Regionally, locally, across continents or countries
Trade within places may vary in across different sectors and depending on the development of
that country, some sectors will dominate over others in terms of exports and imports.
Basic learning: What is meant by the term 'trade'? What is meant by the term's 'import' and
'export'?
Trade is the inwards and outwards movement of goods through a country or region
Importing is merchandise, services and goods that are produced in a country and transported
to another country
Exporting is merchandise, services and goods that are transported to a country
What are the 3 clear, distinctive ways to study (and measure) international trade? In other
words, what are the 3 components of international trade?
- Merchandise
- Services
- Capital
What is meant by the term 'commodity', what are some examples of the organisations
representing certain commodities?
- goods that are produced and traded amongst regions
- They are meant to be used/consumed
- Natural resources + Agricultural goods ---> Primary goods
- Goods are ‘raw’ and cheap – costs reflect basic labour like extracting natural resources
or growing agriculture (not necessarily refining and altering or being used to produce
other things as that isn't Primary anymore)
What do think is meant by the term / phrase 'terms of trade' (TOT)? Which type of countries
tend to have the ‘best’ and ‘worst’ TOT?
- The more a country exports the better although the less a country imports, doesn’t
necessarily improve their terms of trade
- Dependant on types of goods
- Different goods are susceptible to fluctuations in prices and value dependent on supply
and demand
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