The Broad Pattern of International Trade
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Describe the broad pattern of international trade.
Explain the relation between trade and world output.
If the nations of the world were to suddenly cut off all trade with one another, what products might you no longer be able to obtain in your country? Choose one other country and identify the products it would need to do without.
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Solution Summary
256 words explain the relationship between trade and world output in terms of broader international trade.
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Countries of the world engage in international trade because no country can produce all the goods and services it requires to maintain its standard of living. For example, an impoverished country like Bangladesh can produce high quantities of jute fibre, because it specializes in its production, and can trade it with petroleum with a country like Saudi Arabia which has high reserves of natural oil. ...
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