1f. Patterns of trade
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What is meant by: Four Factors That Influence Patterns of Trade?
The four factors that influence the pattern of trade are; comparative advantage, emerging economies, trading blocs, exchange rates.
What is meant by: Impact of Comparative Advantage on Pattern of Trade?
If a country has a comparative advantage in a good, they will export more of it.
What is meant by: Impact of Emerging Economies on Pattern of Trade?
There has been an increase in exports and imports from the emerging economies; Brazil, Russia, India, China and South Africa.
What is meant by: Impact of Trading Blocs on Pattern of Trade?
Trading blocs can lead to trade creation and trade diversion.
What is meant by: Impact of Exchange Rates on Pattern of Trade?
An exchange rate appreciation will lead to an increase in imports and a decrease in exports.