Foreign trade acts as an "engine" of economic growth in three key ways: 1) It enlarges a country's market for exports, leading to greater production and utilization of resources; 2) Expanding exports provides more employment opportunities and economies of scale, lowering costs; 3) Access to global markets encourages innovation as businesses compete with international counterparts, improving efficiency and productivity. For example, the opening of the Suez Canal increased India's exports of commercial crops like cotton and tea, fueling economic growth. Export processing zones also create jobs and incomes, stimulating demand and further domestic manufacturing. Overall, specialization, competition and technological adoption spurred by foreign trade can power economic expansion.
In economics, the theory of the second best concerns the situation when one or more optimality conditions cannot be satisfied.
The economists Richard Lipsey and Kelvin Lancaster showed in 1956, that if one optimality condition in an economic model cannot be satisfied, it is possible that the next-best solution involves changing other variables away from the values that would otherwise be optimal.
Politically, the theory implies that if it is infeasible to remove a particular market distortion, introducing a second (or more) market distortion may partially counteract the first, and lead to a more efficient outcome.
The economic literature ever since the dawn of modern economics has been much preoccupied with the issue of economic growth Economic growth has also been understood to establish the conditions for economic development The better-known models of economic growth such as the Lewis, Rostow Harrod Domar Solow, and Romer growth models are discussed
In economics, the theory of the second best concerns the situation when one or more optimality conditions cannot be satisfied.
The economists Richard Lipsey and Kelvin Lancaster showed in 1956, that if one optimality condition in an economic model cannot be satisfied, it is possible that the next-best solution involves changing other variables away from the values that would otherwise be optimal.
Politically, the theory implies that if it is infeasible to remove a particular market distortion, introducing a second (or more) market distortion may partially counteract the first, and lead to a more efficient outcome.
The economic literature ever since the dawn of modern economics has been much preoccupied with the issue of economic growth Economic growth has also been understood to establish the conditions for economic development The better-known models of economic growth such as the Lewis, Rostow Harrod Domar Solow, and Romer growth models are discussed
What Is The Need For A Country To Focus On Exports.pdfImpexperts
A country Focus On Exports for several reasons Boosting Economic Growth: Exports can drive a country’s economic growth by increasing demand for domestic goods and services, which can lead to job creation and higher wages.
Export Management: Need and Nature
These slides explain key points about export management, the need for export management and the nature of export management.
In this revision video we range far and wide on many of the important aspects of globalisation including:
Explain what is meant by globalisation
Explain the characteristics of globalisation
Explain the causes of globalisation / factors contributing to globalisation
Evaluate the impact of globalisation and global companies on individual countries, governments, producers and consumers, workers and the environment
Evaluate the impact of the performance of emerging economies on other economies.
Explain how the pattern of global trade has changed over time
Evaluate comparative advantage as an explanation of global trade patterns
Explain how countries achieve international competitiveness
This study investigates specifically the effect of Imports and Exports on Balance of Foreign Trade in Nigeria (GDP). Data were collected for period 2007 – 2016. Multiple Regressions Approach and Correlation Analysis was used, defining Imports, Exports and Openness as independent variables and Gross Domestic Product (GDP) as dependent variable. From the analysis, Imports, Exports and Openness contributes immensely to the Nigeria Gross Domestic Product (GDP). Contrary, Imports is positively and significant on Balance of Foreign Trade in Nigeria (GDP), Exports has positively and insignificant on Balance of Foreign Trade in Nigeria (GDP) and Openness has positively and insignificant on Balance of Foreign Trade in Nigeria (GDP). Also, there is a perfect positive association on gross domestic product between imports on the balance of foreign trade in Nigeria and it is significant, with a perfect positive association on gross domestic product and imports between exports on the balance of foreign trade in Nigeria and it is significant and there is a negative moderate association on gross domestic product, imports and exports between openness on the balance of foreign trade in Nigeria and it is insignificant. This study therefore recommends that Nigeria should enhance her Imports & Exports promotion strategies and expanding the Import sector for easy importation.
A good slide on export vs import it will help you more to understand about export vs import. just look at this slide and you automatically see how worthy this slides are . Thank you
The role of multinational business in trade has always been very important—large firms account for the majority of international trade flows, and many if not most of these large firms will have establishments in multiple countries. These firms, obviously, are not in the development assistance business (although they may be contracted by governments to implement projects financed by Aid for Trade). This does not mean, however, that private companies do not contribute to building trade capacity in developing countries. To the contrary, many enterprises that have established operations in developing countries or that trade with developing countries make a major contribution to economic upgrading and local capacity building. Such activities are not captured by the term AFT – nor would it qualify as AFT – because the origin of the funds is private and the objective is generally to benefit/support the associated investments/operations. It nonetheless serves the same purpose. Indeed, it may have
greater success as a result of the need to demonstrate results vis-à-vis the firm’s shareholders, and can generate positive spillovers.
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
2. Foreign Trade
Foreign trade is the process of focusing on
the resources of the globe and objectives of
the organisations on global business
opportunities and threats in order to
produce, buy, sell or exchange of
goods/services world-wide.
Foreign trade is all commercial
transactions (private and
governmental, sales, investments, logistics, an
d transportation) that take place between two
or more regions, countries and nations beyond
their political boundary.
3. Economic Growth
Economic growth is the increase in the
amount of the goods and services produced by
an economy over time.
It is conventionally measured as the percent
rate of increase in real gross domestic
product, or real GDP.
“Economic growth” typically refers to growth of
potential output.
4. Foreign trade as an ENGINE of
economic growth
International
trade
Posing
challenges
Development to
meet them
Innovation and
creation to meet
the competition
Specialisation
and division of
labour
Enhancement of
productivity
More income
Economic
growth
5. Foreign trade as an ENGINE of
economic growth
Foreign trade the market for a country’s
output. Exports lead to increase enlarges in
national output and become an engine of growth.
Increased exports lead to greater utilization of
existing capacities, reduce costs which may lead
to a further increase in exports.
Expanding exports provide greater employment
opportunities.
Increased foreign demand lead to large production
and economies of scale with lower unit costs.
6. Foreign trade as an ENGINE of economic
growth
Opens up the opportunities of global market to
the entrepreneurs of the developing nations.
Makes the latest technology readily available
to the businesses operating in these
countries, resulting in increased competition
both in the domestic and global fronts.
To compete with their global counterparts, the
domestic entrepreneurs try to be more efficient
and this in turn ensures efficient utilization of
available resources.
7. Foreign rade as an ENGINE of economic growth in
India.
The opening of Suez Canal in 1869 led to a
reduction of distance between India and Europe which
led to an increase in the demand for India’s
commercial crops. As a result, production and exports
of commercial crops increased. The rise in the output
of such agricultural crops as oilseeds, cotton, jute and
tea was largely due to a flourishing export trade.
Many export processing zones and special
economic zones have been established to facilitate
manufacture or reprocessing for export. All such
efforts create a lot of employment opportunities and
lead to an increase in incomes which lead to the
demand for many new products which are very often
manufactured in the country itself.
8. Conclusion
Here I would like to conclude by saying that
foreign trade is an ‘engine’ of economic growth.
Specialisation , division of labour, enhancement
of productivity, posing challenges, development to
meet them, innovation and creation to meet the
competition lead to overall Economic growth of
World as a whole.
