Globalization of Trade

Question 1

What is the globalization of trade?

Answer 1

The exchange of goods and services between and among countries

• Exports: Golds sold to buyer in a foreign country
• Imports: Goods bought from a foreign seller

Question 2

Reasons for international trade include:

Answer 2

• Reduction in trade barriers to imports
• Increased economic integration of countries
• Regional trade agreements (NAFTA, EEU, etc)
• Internet and WWW capabilities

Question 3

What are the largest exporters and importers?

Answer 3

1) China is the largest exporter

2) . US is the largest Importer

Question 4

T/F: US Imports a lot more than it exports?

Answer 4

TRUE

Question 5

T/F: China is the worlds largest export country?

Answer 5

TRUE- They are the world’s largest supplier