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Chapter 1. What is a Zero-Sum Game. What do these two expressions mean? How would you describe international trade and why?

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Chapter 1

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What is a zero sum game
What is a Zero-Sum Game

  • What do these two expressions mean?

  • How would you describe international trade and why?

    Zero-Sum Game situation in which one participant's gains result only from another participant's equivalent losses. The net change in total wealth among participants is zero; the wealth is just shifted from one to another.Read more: www.investopedia.com/

    Win-WinSituation guaranteeing a favourable outcome for everyone involved www.thefreedictionary.com


Import export businesses
Import/Export Businesses

  • manufacturer

    • export department (in-house)

    • import/export companies (outsource)

  • independent

    • Middleman sells imports or exports—every manufacturer that is not exporting overseas can be your client

      What percent of U.S. manufacturers sell overseas?

      ONLY 10%


Balance of trade
Balance of Trade

  • The U.S has the largest surpluses and deficits

    What is a surplus?

    export more than import

    What is a deficit?

    import more than export

  • Since 1975—U. S. deficits have increased

    See p. 5 textbook


Leading exporters and importers
Leading Exporters and Importers

See p. 6-7 textbook

Find your country! Look at the charts.

What surprises you?

---------------------------------------

Glossary—p. 351-385

Look up harmonized code.

Harmonized Code


Trade integrations
Trade Integrations

  • North America NAFTA

    • world’s largest trading block

  • Europe EU

    • removed barriers w/in EU (central & eastern Eur new members

  • Asia “Tigers”

    • trade has expanded fastest in this region

  • China and India

    • most populous

  • Africa

    • need for modernization, development

    • lots of natural resources


Key organizations
Key Organizations

  • World Trade Organization

  • International Monetary Fund (IMF)

    Integration

  • World Bank

  • WTCAWTCAservicesMember Cities


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