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Ch 08 - International Trade12th Fundamentals of Human Geography
International Trade
What is the core definition of 'International Trade', and upon what economic principle is it based?
What is the core definition of 'International Trade', and upon what economic principle is it based?
DEFINITION
International Trade
- Definition: The voluntary exchange of goods and services among countries across national boundaries.
- Reasoning: Countries trade to obtain commodities they cannot produce domestically or can purchase elsewhere at a significantly lower price.
- Core Principle: It is fundamentally based on the principle of comparative advantage, complementarity, and transferability of goods.
Prism Memory Hook
Cross-Border Exchange for Comparative Advantage.
The Barter System: Jon Beel Mela
Where in India is the ancient 'Barter System' still actively practiced during a specific annual fair?
Where in India is the ancient 'Barter System' still actively practiced during a specific annual fair?
CASE_STUDY
Jon Beel Mela
- Location: Jagiroad, approximately 35 km from Guwahati (Assam).
- Timing: Held annually every January after the harvest season.
- Activity: Various tribes and communities gather to exchange agricultural and handmade products directly with one another without the use of money, preserving the traditional Barter System.
Prism Memory Hook
Jon Beel equals a Barter Deal.
Etymology: Origin of 'Salary'
How is the modern word 'Salary' historically derived from ancient trade practices?
How is the modern word 'Salary' historically derived from ancient trade practices?
FACT
Salarium (Salt Payment)
- Origin: Derived from the Latin word Salarium.
- Meaning: Literally translates to payment by Salt.
- Historical Context: In ancient times, before the widespread use of fiat money, salt was incredibly rare, difficult to mine (from rock salt), and essential for preserving food. Thus, it served as a highly valued mode of payment.
Prism Memory Hook
Salt was the original Salary.
Also in this chapter
53 more cards to study in Prism
- 4The Silk Route
- 5The Slave Trade
- 6Transport and Trade Expansion
- 7Basis of Trade: Geological Structure
- 8Basis of Trade: Climate
- 9Basis of Trade: Cultural Factors
- 10Basis of Trade: Population Size
- 11Basis of Trade: Foreign Investment
- 12Volume vs. Composition of Trade
- 13Historical Changes in Trade Composition
- 14Reversal of Direction of Trade
- 15Maximum Flow of Global Trade
- 16Balance of Trade (BOT)
- 17Implications of a Negative Balance of Trade
- 18Balance of Payments (BOP) vs. Balance of Trade (BOT)
- 19Bilateral vs. Multilateral Trade
- 20Most Favoured Nation (MFN) Status
- 21Free Trade and Trade Liberalisation
- 22The Practice of Dumping
- 23Formation & HQ of the WTO
- 24Functions of the WTO
- 25Criticisms of the WTO
- 26Regional Trade Blocs
- 27OPEC Details
- 28ASEAN Details
- 29European Union (EU)
- 30SAFTA Trade Bloc
- 31Ports: Gateways of International Trade
- 32Port vs. Harbour
- 33Hinterland
- 34Port Authority Functions
- 35Industrial vs. Commercial Ports
- 36Comprehensive Ports
- 37Inland Ports
- 38Environmental Impact of Trade
- 39Out Ports
- 40NAFTA
- 41Types of Oil Ports
- 42CIS (Commonwealth of Independent States)
- 43Ports of Call
- 44Packet Stations (Ferry Ports)
- 45Entrepot Ports
- 46Naval Ports
- 47Social Impact of Trade
- 48San Francisco Harbour
- 49OPEC South American Member
- 50Satellite Ports: Ennore
- 51Map Work: Global Sea Ports
- 52Map Work: Global Airports
- 53LAIA (Latin American Integration Association)
- 54The Gravity Model of Trade
- 55Trade Liberalization & the Primary Sector
- 56The Doha Development Round
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12th Fundamentals of Human Geography
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