GSET Paper 26 December 2021 Paper
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Question Numbers: 43-47
Intemational trade represents a significant share of Gross Domestic Product (GDP). While international trade has been present throughout much of history, its economic, social and political importance has been on the rise in recent times.
Industrialization, advances in technology, transportation, globalization, multi-national corporations, and outsourcing are having a major impact on the international trade. Increasing international trade is crucial to the continuance of globalization. International trade is, in principle, not different from domestic as the motivation and the behaviour of parties is across a boarder or not. International trade "is typically more costly than domestic trade". Another difference between domestic and international trade is that factors of production such as capital and labour are typically more mobile within a country than across countries.
Intemational trade represents a significant share of Gross Domestic Product (GDP). While international trade has been present throughout much of history, its economic, social and political importance has been on the rise in recent times.
Industrialization, advances in technology, transportation, globalization, multi-national corporations, and outsourcing are having a major impact on the international trade. Increasing international trade is crucial to the continuance of globalization. International trade is, in principle, not different from domestic as the motivation and the behaviour of parties is across a boarder or not. International trade "is typically more costly than domestic trade". Another difference between domestic and international trade is that factors of production such as capital and labour are typically more mobile within a country than across countries.
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