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Geographers use the term "international trade" to refer to the exchange of goods and services across national borders. This term encompasses the flow of exports and imports between different countries.

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1y ago

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Why is Indian Ocean important for industrialised countries?

for goods, trading


When can two countries gain from trading two goods?

Two countries can gain from trading two goods when they have different comparative advantages in producing those goods, allowing them to specialize in what they are most efficient at and trade for the goods they are less efficient at producing. This can lead to increased efficiency, lower prices, and a wider variety of goods for both countries.


What is the economic activities in Bhutan?

farming and trading goods with other countries.


What is trading goods to other countries called?

The word "export" is the noun and verb meaning goods sent in trade to other countries. The word "import" refers to goods received (purchased) from other countries.


How is a mother country benefited from the trading links with its colonial countries?

The other colonial countries are exporting goods from each other so everytime they get goods from other countries, they're basically returning the favor of goods.


What principle states that each country would specialize in the production and export of goods that it could produce more cheaply than any of its trading partners?

comparitive advantage more goods are produced in the trading countries, and the wealth of the countries


As of 2010 which three countries do the most trading of goods with the us?

Canada, Mexico, China


Which three countries do the most trading of goods with the US as of 2010?

Canada, Mexico, China


What geographers study the exchange of goods and services?

Economic geographers study the exchange of goods and services within a spatial context, analyzing patterns in trade, transportation networks, and market dynamics. They examine how factors such as distance, infrastructure, and government policies influence the flow of goods and services between regions and countries.


What is the name for a complex form of bartering in which several countries may be involved each trading goods for goods or services for services?

countertrading


Why does trade benefit both countries with abundance and countries with few resources?

By specialising in goods which they produce at a lower opportunity cost (comparative advantage), countries can increase their total wealth because they can focus on production they are best at, trading that production to other countries who can produce goods they want for lower prices. When all countries are producing goods most efficiently and trading, everyone is better off, regardless of resource distribution.


When can two countries benefit from trading two goods?

Two countries can benefit from trading two goods when each country specializes in producing the good it can produce most efficiently, and then trades with the other country for the good it cannot produce as efficiently. This allows both countries to maximize their resources and benefit from the trade.