Kurt Russell F.

Mabborang
BSBA MM 3 - 1

September 15, 2023

1. Silk, Coconuts, Mangoes, Fish, and Guyabanos
2. Malaysia, Thailand, China, USA, and UAE
3. China, Japan, South Korea, Singapore, and Germany
4. Oils, Rice, Vehicles, Machineries, and Steel

ESSAY:
1. International trade refers to the exchange of goods, services, and capital between
countries or nations. It involves the buying and selling of products and services across
international borders. This trade can take various forms, including exports (goods and
services sold to foreign markets) and imports (goods and services purchased from foreign
markets). International trade can lead to increased economic growth by expanding markets
for goods and services. It allows businesses to reach a global customer base, leading to
higher production, more job opportunities, and increased economic output. International
trade plays a crucial role in the global economy, promoting economic growth, specialization,
and the efficient allocation of resources among nations. It can be bilateral (between two
countries), multilateral (involving multiple countries), or regional (limited to a specific
geographic area or trade bloc).

1. Barter is a system of exchange where goods and services are traded directly for other
goods and services without using money as an intermediary. In a barter transaction,
individuals or businesses exchange items they have for items they need, based on mutual
agreement and value assessment. With the advent of money and the development of
modern economies, barter has become less common. Money serves as a universal medium
of exchange, making transactions more efficient and enabling a broader range of economic
activities. However, barter systems may still be used in specific situations or between parties
with unique needs or preferences.

1. Mercantilism was an economic theory and practice that dominated European economic
thought and policy during the 16th to 18th centuries. Mercantilism emphasized the need for a
positive balance of trade, meaning a country should export more goods than it imports. This
was seen as a way to accumulate wealth in the form of precious metals, such as gold and
silver. It was gradually replaced by more modern economic theories that emphasized the
benefits of free markets, competition, and international trade.

1. A tariff is a tax or duty imposed by a government on imports or exports of goods and

services. Tariffs are typically levied at the border when goods enter or leave a country. One
of the primary purposes of tariffs is to generate revenue for the government. When imported
goods are subject to tariffs, the government collects revenue from the importers. This
revenue can be used to fund various government programs and services. Tariffs can be
used to protect domestic industries from foreign competition. By imposing tariffs on imported
goods, the government can make foreign products more expensive, thus giving domestic
producers a competitive advantage.