H Ello Essay

1484 words - 6 pages

International Trade Links Nations International trade involves the movement of goods, services and ideas between countries• It has grown as a result of globalisation• Australia is keen and has developed strong international trade links with other nations• Most importantly is in the Asia‐Pacific region• This is so because of the range and quantity of resources in Australia• What is International Trade? International trade involves exchanges between countries• International trade has grown as countries seek to produce products that have a "comparative advantage"

Comparative advantage is when a country is able to produce something more cheaply or efficiently than other countries.

Specialise in the production of the things they have a comparative advantage in○ Export these items to other nations○ Import items that other countries have a comparative advantage in○
Trade is great when they specialise in:•
By doing this, countries are able to meet the demands of its population• Benefits of Trade Most countries are both importers and exporters• In Australia, trade is important in determining the range of goods and services that consumers can buy

Efficient trade around the world can improve the standard of people around the world• Trade is beneficial for businesses• Australia's population of 21 million makes the market really small• International trade allows businesses to reach the world's population and tap into much larger markets

Leads to greater profits and employment in Australia• One in five jobs rely on export industries• 20% of Australia's GDP comes directly from exports• Australia's Place in World Trade International trade involves large sums of money • Australia's share of world trade is very low• In 2004, Germany, US, China, Japan and France were the 5 highest exporting countries, totalling 36.5%

In 2004, US, Germany, China, France and UK were the 5 highest importing countries, totalling 39.4%

Australia is ranked 26th and 19th in terms of exports and imports (1.2%) respectively in the world

Essential Trade Concepts Exports are the production of goods, services and ideas in one country and the sale of them to another

The exporting country receives payment from the country to which they were sold• Import are the purchase of goods, services and ideas that have been produced from another country

Geography Revision Notes
Page 1

The country that has produced the goods and services receives a payment from the country that imports them

Merchandise trade involves the movement of physical goods between countries• Service trade involves the movement of services between countries• Foreign exchange trade involves the flows of large sums of money•
Composition of Australia's Trade Mining and agriculture makes up a significant component of Australia's trade•...

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