About This Chapter
Global Trade- Chapter Summary
The lessons presented to you in this chapter will address the main topics and themes within global trade. You will understand what global trade is and its significance. You will cover the following topics in this chapter:
- Gains that are received from trading
- Trade agreements
- International trade economics and politics
- Comparative advantage
- Benefits of specialization
- International trade organizations
Our lessons highlight key vocabulary terms and phrases in the transcripts so that you can quickly identify them to study specific information of significance. Another time-saving tool is the timeline feature in the video lessons. This allows you to jump around the videos without having to watch the lesson from the beginning. You can focus on areas of the lesson that you struggle with. Our lesson quizzes also give you immediate feedback so you can quickly find out what your strengths and weaknesses are and so you can go back into the lesson to review certain areas if you want to.
1. What is Global Trade? - Definition, Advantages & Barriers
Global trade of goods and services are worth trillions of dollars each year. In this lesson, you'll learn about global trade and its advantages, as well as barriers to trade. A short quiz follows.
2. Gains from Trade: Definition & Example
Economists believe all parties involved in trade will end up better off than before. This lesson will explain and provide an example, showing the benefits of trade to everyone involved.
3. Trade Agreements: Definition & Effects
A country's economy can benefit from both importing and exporting goods. In this lesson you'll learn how countries use trade agreements to coordinate the exchange of goods between producers and consumers in both markets.
4. The Economics & Politics of International Trade
We will discuss the economics & politics of international trade through the definition of open trade and its benefits and drawbacks. In addition, the ideas of competitive advantage and political patience will be shown as key indicators of global success.
5. Comparative Advantage: Definition and Examples
Understand the definition of comparative advantage, using two goods as an example. This key lesson incorporates the basic foundations of economics into one foundational theory explaining what goods and services that people,and nations, should produce and for whom they should produce it.
6. Gains From Trade and the Benefit of Specialization
Explore one of the most widely accepted ideas in economics - the idea that nations benefit from specialization and exchange, reaping gains from trade.
7. International Trade Organizations and Trade Agreements
International trade organizations and trade agreements have enormous power in the global trade environment. In this lesson, you will learn about the roles of the GATT, NAFTA, and the World Trade Organization.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.
Other chapters within the GACE Geography (536): Practice & Study Guide course
- Geography Literacy
- Geography Tools
- Geography & Weather
- Overview of Water Cycle & Balance
- Overview of Geomorphology
- Tectonic Processes
- Understanding Volcanoes
- Understanding Earthquakes
- Rocks & Weathering
- Landforms & Biomes
- The Environment & Society
- Environmental Hazards & Pollution
- Overview of Human Geography
- Geography & Early Human Communities
- Geography & Ancient Civilizations
- Population & The Environment
- Agricultural History & Types
- Issues & Trends in Modern-Day Agriculture
- Understanding Cultural Geography
- Human Settlement Patterns
- The Impact of Religion on Geography
- The Economy & Geography
- Politics & Geography
- Understanding Globalization
- International Players in Global Politics
- Understanding Industrialization
- Regional Geography: Continents
- Regional Geography: Subregions of the World
- United States Regional Geography
- GACE History: The History of Georgia
- Physical & Human Geography of Georgia
- GACE Geography Flashcards