World trade: an overview
4 important questions on World trade: an overview
Trade in intermediate goods: What does internationalization of production networks allow?
It allows countries to specialize and makes production more efficient. But it also increases vulnerability of the production process. Companies diversify their intermediate production to different countries.
Explain service outsourcing (or offshoring).
It occurs when a firm providing services moves its operations to a foreign location. Service outsourcing can occur for serices than can be performed and trasmitted electronically.
Service outsourcing is currently not a significant part of trade (20%) but it is increasing. A large part of services are still non-tradable. But it is very likely that more and more jobs will become 'outsourceable'.
A large part of services are still non-tradable because they need to be done close to the customer. But it is very likely that more and more jobs will become outsourceable (e.g. product designers, radiologistcs etc) due to:
- rapid changes in communication technology
- standardization of specific services (accouting)
- increasing skill levels around the globe
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What does the gravity model predict?
It predicts that the volume of trade is directly related to the economic size of each trading partner and the trade impediments between them.
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
