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What You Need To Know About Economics by George Buckley, Sumeet Desai

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CHAPTER 4

TRADE

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  • Why trade is beneficial for the global economy
  • Why countries specialise in what they produce
  • How the trade balance is made up of exports and imports
  • How currencies can affect trade
  • What the current account is
  • Why governments use tariffs and quotas

WHAT IS INTERNATIONAL TRADE?

Walk into any supermarket in any country today and you will see an array of produce from around the world. There might be bananas from the Dominican Republic, green beans from Kenya or mangoes from India.

The same is true when you look on the roads. There will be cars from Germany, the United States and Japan to name a few. In fact, you will see the fruits ...

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