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Theme 4: A global perspective
4.1 International economics
4.1.3 Patterns of trade
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Patterns of trade refer to the structured ways countries exchange goods and services
internationally
Factor endowments include natural resources, labor force, and
capital
Comparative advantage means producing goods at lower
opportunity costs
.
Match the factor influencing trade patterns with its example:
Factor Endowments ↔️ Saudi Arabia exports oil
Comparative Advantage ↔️ Vietnam produces textiles
Government Policies ↔️ EU trade agreements
Consumer Preferences ↔️ Demand for organic foods
China's dominance in manufacturing is due to its labor-intensive
production
What are the six key factors influencing trade patterns?
Factor endowments, comparative advantage, government policies, technology, consumer preferences, global events
Vietnam excels in textile production because of its lower labor
costs
The European Union's trade agreements facilitate seamless trade within the
region
.
What technological advancement drives South Korea's semiconductor exports?
Innovation in productivity
The rising demand for organic foods has increased their international
trade
The COVID-19 pandemic disrupted supply chains and trade volumes
globally
.
Arrange the positive impacts of trade on economic development:
1️⃣ Increased Productivity
2️⃣ Job Creation
3️⃣ Technological Transfer
4️⃣ Higher Incomes
What formula represents the relationship between output, labor, and capital in trade specialization?
Q = f(L, K)</latex>
International trade fosters the exchange of technology and
knowledge
Trade liberalization can exacerbate income inequality if benefits are concentrated in
certain
sectors.
What environmental issue may result from increased production for exports?
Environmental degradation
China's manufacturing dominance is due to its labor-intensive
production
Match the factor influencing trade patterns with its example:
Factor Endowments ↔️ Saudi Arabia exports oil
Government Policies ↔️ EU trade agreements
Consumer Preferences ↔️ Demand for organic foods
What principle states that nations should specialize in producing goods with lower opportunity costs?
Comparative Advantage
Global events, such as the COVID-19 pandemic, can disrupt trade by affecting
supply chains
Trade patterns are influenced by a variety of factors, including technology,
consumer preferences
, and global events.
What are three primary components of factor endowments that influence trade patterns?
Natural resources, labor, capital
Government policies such as tariffs and trade agreements can influence trade flows and
competitiveness
Factors influencing trade patterns in order of their relevance to the material
1️⃣ Factor Endowments
2️⃣ Comparative Advantage
3️⃣ Government Policies
4️⃣ Technology
5️⃣ Consumer Preferences
6️⃣ Global Events
What does the variable
K
K
K
represent in the formula
Q
=
Q =
Q
=
f
(
L
,
K
)
f(L, K)
f
(
L
,
K
)
?
Capital
International trade facilitates the exchange of
technology
and knowledge between countries.
Increased production for exports can lead to environmental degradation, such as deforestation in the
Amazon
What is the primary purpose of regional trade agreements (RTAs)?
Reduce trade barriers
What is the term for the shift in trade from non-member countries to less efficient member countries due to RTAs?
Trade Diversion
Regional trade agreements encourage member countries to specialize in producing goods and services, increasing
efficiency
.
The North American Free Trade Agreement (NAFTA) includes the US, Canada, and
Mexico
Match the international organization with its primary role:
World Trade Organization (WTO) ↔️ Sets rules for global trade
International Monetary Fund (IMF) ↔️ Provides financial support
World Bank ↔️ Funds development projects
What is one positive impact of WTO's free trade agreements on trade patterns?
Reduces trade barriers
IMF's austerity measures have been criticized for their negative impact on local
economies
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