International Economics

International economics

is the field of economics that is concerned with the economic interactions between countries and international institutions.

International Economics

It also addresses many international topical issues such as rapid growth of trade, financial crisis that spread across countries, international negotiations, etc. (Petropolou, D.)

INTERNATIONAL TRADE

Refers to the exchange of goods and services among

the countries of the world.

INTERNATIONAL PRODUCTION

It deals with the production of goods and services in

international locations and markets.

INTERNATIONAL FINANCE

Is the study of monetary interactions that transpire

between two or more countries.

INTERNATIONAL DEVELOPMENT

Also known as Global Development is a study in

economics on how does countries and economies

interact to attain economic growth and development.

Globalization

can be defined as the increased interconnectedness and interdependence of peoples and countries (WHO).

Globalization

Is derived from the word globalize, which refers to the emergence of an internation network of economic system.

Economic Globalization

Refers to the ways corporations do business as multinational organizations nowadays.

Cultural Globalization

Refers to the interpenetration of cultures which, as a consequence, means nations adopt principles, beliefs and costumes of other nations.

Political Globalization

The development and growing influence of international organizations such as the UN or WHO means governmental action takes place at an international level.

Social Globalization

information moves almost in realtime together with the interconnection and interdependence of events and their consequences.Te

Technical Globalization

the phenomenom by which millions of people are interconnected.

Transportation Globalization

international system of transportation such as shipping and air travel.

Environment Globalization

simply the consequence of all the after-effects of other types of globalization.

DOMESTIC TRADE

Trade which takes place within the geographical

boundaries of the country.

• It is a business entity whose commercial activities are

performed within the nation.

• Also known as internal business or sometimes known as

home trade.

INTERNATIONAL TRADE

International business is one whose manufacturing and trade

occur beyond the borders of the home country. All the

economic activities indulged in cross-border transactions

comes under international or external business.

• The company conducting international business is known as a

multinational or transnational company. These companies

enjoy a large customer base from different countries.

Imports

are the goods and services a business or customer purchases from

another country. This results in an outflow of funds from the country that is purchasing foreign goods and services.

Exports

are goods and services that are produced in one country and sold to buyers in another.

Trade barriers

Any hurdle, impediment or roadblock that hampers the

smooth flow of goods and services, and payments from one

destination to another.

Import Tariff

are charged to generate revenue or the government and to protect local goods against the dominance of foreign products.

Transit Tariff

Tax imposed on a commodity when it crosses the national frontier between the originating country and the country to which it is cosigned to.

Export Tariff

a tax levied by the country of origin, on a commodity designated for use in other countries

Specific tariff

is a tax levied as a fixed charge for each unit of goof that is imported.

Ad Valorem Tariff

Is the latin for “according to value” or in proportion to the value and this type of tariff is levied as a fixed percentage of the value of the commodity imported.

Compound tariff

is a combination of an ad valorem and specific tariff, It includes both a cost per unit as well as set percentage on the value of the good.

Revenue tariff

it aims at collecting substancial revenue for the government. the tax is imposed on items of mass consumption, but the rate is low.

Protective tariff

it aims at giving protection to home industries by restricting or eliminating competition. These are usually high so as to reduce imports

Anti Dumping Tariff

Dumping is the commercial practice of selling goods in foreign markets at a price below their normal costs so as to capture the foreign market.

Single Column Tariff

Are fixed for various commodities and the same rates are made applicable to imports from all other countries.

Preferential Trade Agreement

is trading bloc that gives preferential access to certain products from the participating countries. This is done by reducing tariffs but not by abolishing them completely. It is the first stage of economic integration.

Quota System

Is a government imposed trade restriction that limits the number of goods that a country can import or export during a particular period.

Voluntary Export Restraints

are arrangements between exporting and importing countries whereby an exporting country limits the particuar number of goods of a particular nature that it can export to a specific country or regionEmbargo

Embargo

Are total bans of trade on specific commodities and may be imposed on imports or exports of specific goods that are supplied to or from specific countries.

Import License

can be defined as administrative procedures requiring the submission of an application or other documentation to the relevant administrative body as a prior condition for importation goods.