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Essay / Research Paper Abstract
This 3-page paper offers some insights as to the link between trade, globalization, competitive advantage and world output. The paper also discusses the importance of trade to countries. Bibliography lists 3 sources.
Page Count:
3 pages (~225 words per page)
File: D0_MTtrawrl.rtf
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Unformatted sample text from the term paper:
many societies. In this paper, well attempt to find the relationship between trade (especially international trade) and world output. To begin with,
its safe to say that countries these days are more dependent than ever before on the products and services other countries provide. There is more to international trade than products
being made in Taiwan being shipped to the U.S., or even U.S. automobiles being shipped to Europe and Japan. If trade suddenly stopped on these items, most of the major
countries would have enough resources to continue manufacturing products within their borders. There are, however, some materials and products that simply cant
be found in various nations. As an example, one recent concern in the U.S. has been with the importation of oil - not necessarily from the Middle East, but from
its next door neighbor, Mexico. Mexicos state-owned energy company, Pemex, is responsible for a good percentage of oil imported into the U.S. If Pemex were to declare chapter 11 and
close down, the U.S. would be in serious trouble. This is where the concept of free trade and economies of scale come into play. Economists theorize that countries specializing in
a certain commodity or service are best served by trading with other countries (Hodge and Nordas, 1998). Furthermore, the higher the demand for the particular product, the larger the world
output, and the more beneficial the trade. First of all, it can be assumed that the growth of international trade in both
products and services can be directly linked to an increasing number of economic activities (Hodge and Nordas, 1998). We can assume that one of these activities is an increase in
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