Speaking Task. 9. Work in pairs. Discuss with your partner the role of international trade nowadays

9. Work in pairs. Discuss with your partner the role of international trade nowadays. What are your country’s major export and import? Look at the spidergram and some explanations below. It may be helpful to you.

Export - goods or services sold to another country.

Import - goods or services brought from another country.

Balance of payment – shows all the payments and receipts of one country and all partner countries it trades with.

Current account – includes international trade, incomes and current transfers.

Capital account – includes transfer of fixed assets.

Financial account – records investments in capital, shares and loans.

Comparative advantage – if a country specializes in something it can produce a commodity at a lower opportunity cost as compared to another country.

Absolute advantage – when one country is better at producing a particular commodity compared to another.

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