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Economics

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ECO 4451 International Trade Research Paper Instructions:  The text of your paper (not including bibliography) must be approximately 1500 words – absolutely no less than 1300 words.  You must include a bibliography. Use either MLA or APA format. o MLA: http://www.library.cornell.edu/resrch/citmanage/ml... o APA: http://www.library.cornell.edu/resrch/citmanage/ap...  You must include at least two refereed journal articles within your citations.  You must use third-person format. (No “I” or “you”)  No title page, no table of contents  Abstract optional (if you choose to include an abstract, it should be no longer than 150 words)  Times New Roman, size 12 font (title can be larger)  Standard margins  Double-spaced Rubric: Content 70 points Length (at least 1500 words) 10 points Use of two refereed journals, cited within text and bibliography 10 points Proper MLA or APA citations used within text and bibliography 5 points Correct formatting (See “Sample Format for Research Paper) 5 points I will take off 10 points for each day the paper is past due. I will be using Turnitin. If I detect any hint of plagiarism, you will receive a 0%

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Outline

Introduction
Body
Conclusion
References


Running head: INTERNATIONAL TRADE

Compensation Philosophy of Maersk
Student Name
School Name
Course Name

1

INTERNATIONAL TRADE

2
International Trade

International trade refers to the exchange of goods, services, and capital across international
borders or regions. Most countries rely on international trade to boost their gross domestic
product (GDP) which is the monetary measure of the value of goods and services produced in a
given time (Samuelson, 2001). The concept of international (worldwide, intercontinental, global)
trade is by far not new and can be traced back to important events such as the scramble for
Africa, the Silk Road that connected the east and west, the Atlantic slave trade, etc. Global trade
has significant importance in furthering a country’s economic, political, and social power in the
eyes of its citizens and internationally. The World Trade Organization (WTO) ranks the largest
trading nations as per their global trade of goods and services and leading 21 countries include:
USA ($4,921), China ($4,342), Germany ($3,366), UK ($1,637), Japan ($1,600), and trailing at
the bottom of the list is the UAE ($583). All these figures are in terms of billions of dollars.
There are many benefits of this international interdependence such as the efficient allocation
of scarce resources and of course, getting the goods and services that a country needs but doesn’t
produce. A fundamental principle of global trade is that imports must come from origins with the
lowest price and exports must be shipped to destinations with the highest price (Vijayasri, 2013).
As well, trade promotes innovation through the exchange of expertise, opens up new markets,
alleviates poverty, expands choices for consumers, etc. There are many factors that shape the
outcomes of global trade and depending on their favorability (or lack thereof) a nation’s
economy can be significantly impacted. The most important factors are discussed as follows:
i.

Inflation rates

A sharp rise in inflation as compared to a country’s trading partners is bound to leave its
accounts with fewer reserves if all other factors remain the same. Its exports to other countr...


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