these questions with the Transcript from the Video:NTERNATIONAL TRADE IS THE EXCHANGE OF GOODS AND SERVICES BETWEEN NATIONS. SOCIETIES HAVE TRADED FOR THOUSANDS OF YEARS, BUT THE LAST 35 YEARS HAVE SEEN AN EXPLOSION IN INTERNATIONAL TRADE. IN 1970, THE VALUE OF WORLD EXPORTS OF GOODS AND SERVICES AMOUNTED TO $0.4 TRILLION, AROUND A TENTH OF WORLD OUTPUT. IN 2004, WORLD EXPORTS SWELLED TO $10.8 TRILLION, A QUARTER OF WORLD OUTPUT. THIS IS DUE TO THE SUCCESS OF RECENT MULTINATIONAL TRADE AGREEMENTS AND TECHNOLOGICAL ADVANCES REDUCING THE TIME AND COST OF TRANSPORTATION. TRADE IS AN ABSOLUTELY ESSENTIAL VEHICLE FOR ECONOMIC DEVELOPMENT. THE SUCCESS OF A LOT OF ASIAN COUNTRIES, UH, HAS BEEN DRIVEN BY VERY LARGE EXPORTS OF MANUFACTURED GOODS. BUT HOW HAS THE INCREASE IN GLOBAL ECONOMIC INTEGRATION AFFECTED THE WORLD ECONOMY AND INDIVIDUAL NATIONS? IF THERE ARE OVERALL GAINS FROM TRADE, THEN HOW ARE THEY DISTRIBUTED? TO EXAMINE THE IMPACT OF INTERNATIONAL TRADE, WE NEED TO UNDERSTAND THE PATTERN OF TRADE, OR WHO SELLS WHAT TO WHOM. ABOUT HALF OF WORLD TRADE FLOWS BETWEEN DEVELOPED COUNTRIES, ONE-THIRD BETWEEN DEVELOPED AND DEVELOPING COUNTRIES-- SO-CALLED NORTH-SOUTH TRADE-- AND THE REST, APPROXIMATELY 15%, FLOWS BETWEEN DEVELOPING COUNTRIES. DEVELOPED COUNTRIES IN NORTH AMERICA, EUROPE, AND EAST ASIA TEND TO EXPORT HIGH-TECH GOODS, SUCH AS COMPUTERS, AUTOMOBILES, AND AIRPLANES, WHILE DEVELOPING COUNTRIES IN AFRICA, SOUTH ASIA, AND LATIN AMERICA, EXPORT BASIC STAP

Chapter 21 or 34. International Trade: Pre-Class In-Class Activities Packet Name/I.D. Number: Section: Date: Part 1. Video Questions on \"Global Exchange: Free Trade and Protectionism\" 1. What was the value of world exports in the1970 as compared to 2004? Why was the change attributed to? 2. What kind of goods are exported from developed countries ( of North America, Europe East Asia) and from developing counties (of Africa, South Asia Latin America)? 3. What is the difference between "intra-industry trade" and \"inter-Industry trade\"? 4. What indicates the degree of openness of a given nation to international trade? Can you give example of open economies? 5. What is import-substituting industrialization? Why is it a preferred strategy by some countries? . What kind of approach was followed by East Asian countries? Can you cite example from this group? 7. Why do countries choose to specialize and trade? 8. As a principle, what should decide a nation's export to and import from other counties? 9. What do we really mean by a country's comparative advantage? 10. According to Eli Heckscher and Bertil Ohlin, what determines the relative labor productivity, and thus, the pattern of trade? 11. Why is that workers in the industrialized countries are more productive and hence paid more than those in less industrialized countries? 12. What kind of goods are exported from countries that use abundant amount of labor? 13. What drives trade between the U.S. and the European Union(EU)? Give examples of such trade? 14. Who are staunch opponents of free trade in developed countries? 15. What is considered to be the main reason for European and North American countries to have affluent societies of today