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HND-世界经济 原创!


Unit Title: Economics 2: The World Economy Candidate Name: Student ID: Tutor: Lu Wei

Title of the Project: Report for Economics 2: The World Economy

Word Count: 2746 Dat

e of Submission: 8 January 2010

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Table of Contents Introduction 4 Procedure 4 Analysis on Element 1 Analysis on Element 2 Analysis on Element 3 Analysis on Element 4 Analysis on Element 5 Analysis on Element 6 Analysis on Element 7 Analysis on Element 8 Analysis on Element 9 Analysis on Element 10 Analysis on Element 11 13 Analysis on Element 12 13 Analysis on Element 13 14 Analysis on Element 14 15 Analysis on Element 15 16 Summary 12 9 11 4 5 5 7 7 8 9

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17 Reference 17

Introduction This report is about it that is providing an analysis of the current external environment order to develop a marking plan for the launch of a product in the furore. The report is going to explain the concept of the world economics with real examples. For examples, free trade, absolute and comparative and protectionism and exchange rate and so on. Procedure Read this book<Economics 2: The World Economy>, search those website and the newspaper. Analysis on Element 1 Every country, every company wants to make more gains. So trading international gives them a good development. The gains of trading international include that: Firstly, overall increase in standard of living. By trading international, significantly improve the economy of each country, People's wage increase. Secondly, increase world-wide output. The output cans country with other countries strongly. It can make every country’s good to any other country. Thirdly, good and services produced at lower cost. Company find the best places to processing, to reduce labour costs. The more developed in international trade, the faster the country's economic development1. Analysis on Element 2 Free trade is a system of trade policy that allows traders to act and transact without interference from government. According to the law of comparative advantage the policy permits trading partners mutual gains from trade of goods and services2. The United Kingdom (UK) has to import wheat and discovers it can purchase what it needs from Canada. But Canada does not want to import anything from the United Kingdom. The UK will have to find the money to pay for Canada’s wheat. Then the UK discovers that Nigeria has reserves of oil which it cannot develop because it does not have the equipment to do so. The UK offers to sell the oil resource and export it to earn money. The UK does not want the oil but Nigeria is able to sell the oil to the West Indies. The West Indies is able to pay for this oil because Canada is one of the largest producers of aluminum for which

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bauxite is the essential ore and the West Indies has very large reserves of bauxite 3. Analysis on Element 3 Absolute advantage is said to occur when one country can produce a good or service to a pre-determined quality more cheaply than another country. However even when one country has mange absolute advantage it is still likely to trade with other countries because, thanks to Opportunity Cost these other countries will have what is known as companies advantage 4. For example, the UK may be able to produce cars more cheaply than say Indonesia. But Indonesia can produce excellent coffee far more efficiently than the UK. Each country is said to have an absolute advantage in producing these single commodities. If Indonesia wants cars and the UK wants coffee it is obviously to their mutual advantage to trade 5. Comparative Advantage is formulated on the basis that, despite having absolute advantage over other countries in production of goods and services it will be beneficial for UK to specialize in the good or service it is best at producing and trade with other countries which have a comparative advantage in some of the range of goods and services the countries wish to trade in. This occurs because the opportunity costs of switching resources will be higher in the country with absolutely advantage than it will be in the countries with comparative advantage6. The UK is an excellent example of how countries can change in their specialization. Long noted for its expertise in manufacturing it has now become much more competitive in what are known as the ‘Knowledge industries’. These are computer software, business services and pharmaceuticals. These industries are seen to bring the possibility of long term growth, while the industries based on heavy capital investment or requiring relatively cheap labor will not be competitive with developing countries7. Analysis on Element 4 Protectionism refers to the policy of imposing duties or quotas on imports in order to protect home industries from overseas competition. Foreign discrimination of US products is reinforced by the US tax system, which imposes no appreciable tax burden on foreign goods and services sold in the US but imposes a heavy tax burden on US producers of goods and services regardless of whether they are sold within the US or exported to other countries8. India's Ministry of Finance announced that originated in China will be synchronous digital transmission equipment to impose provisional anti-dumping duty, the maximum import prices for products of 236% in the last week, in order to protect interest of home industries9. Analysis on Element 5 There are Tariffs and Non-Tariffs Barriers to international trade. Tariffs means the Government uses taxes or customs duties to place on foreign goods to raise their prices. Non-Tariffs Barriers refers to the Government only physical to limit the quantity of imports, which mean if you pay the Government a fee they will license you to import this quantity of

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your goods for this year10. For example, the United Kingdom at one stage had a special tax which was levied on imported cars. The purpose was to try and protect the UK automobile industry from foreign competition11. According to Argentine media reported that ‘due to the international financial crisis has created a substantial decline in Argentina's exports and capital exodus, the Argentine Government to strengthen the restrictions on the import of products, some of product requirements to achieve equivalent of imports and exports on December 22’ It also to protect its industries12. Analysis on Element 6 The World Trade Organization (WTO) deals with the rules of trade between nations at a global or near-global level. Essentially, the WTO is a place where member governments go, to try to sort out the trade problems they face with each other13. The Government of China requires the World Trade Organization to set up a group of experts to investigate the United States to take China's tire exports to the USA special safeguard measures on December 22.WTO to play an investigator and judge role in the middle of the dispute14. Analysis on Element 7 European Union (EU) is similar to Common Markets but also require member states to adopt common economic policies on areas such as agriculture, transport and taxation. It established in 1958. The institution of EU could include Commission which implements and administers Union’s polices and has considerable executive powers, Council of Ministers which take policy decisions, Court of Justice which settles any disputes about interpretation of treaties and European Parliament which has power to veto the EU budget, EU's "Official Gazette" published in the European Commission 2009/603/EC resolution to develop batteries and battery manufacturer's registration requirements on August 8, 2009 , in order to give a common standard of the member countries, it conveniences to the member countries to do the business15. Analysis on Element 8 Balance of Payments may record of all financial transactions between a country and the international economy. It includes Current Account, Capital Account, Financial Account and International Investment Position. Current Account includes Trade in Goods, Trade in Services, Income and Current Transfers. Trade in Goods covers the exports and imports of goods. Trade in services result of exporting services against the import of services. Income includes portfolio investment income and direct investment income. The trade in goods balance is the difference between the values of Goods exported and the value of goods imported. Hence, in 2007a £220.9 billion credit to the Current Account resulted from goods

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exports and a £310.6 billion debit from imports giving an overall deficit of £89.8 billion. The trade in services is recorded in the same way, with credits to the Current Account reflecting services exports and debits services imports. In 2007 the UK ran an overall surplus of£44.8 billion on the balance of trade in services. An oft en cited measure is the trade balance which is the overall balance in the trade in goods and services. In 2007 this would have been negative to the tune of £45.0 billion, as the deficit in goods trades outweighs the surplus in services trade. The trade balance though is not to be confused with the overall Current Account which consists of two further, but less well-known items.Net income flows reflect international payments associated with the ownership of the factors of production (land, labor and capital). Two types of income transactions are distinguished; compensation of employees which is paid to non-resident workers involved in the Table: UK Current Account in 2007 Credit Goods trade Services trade 220.9 150.6 ?billions Debit 310.6 105.8 Balance –89.8 44.8

Net income flows Current Current (total) transfers Account

291.3 14.0

270.5 27.6

20.8 –13.5

Source: ONS Balance of Payments16. Analysis on Element 9 UK has traditionally had a large deficit in trade of goods balance in the last 30 years. For example, export and import of goods, e.g. oil, chemical and finished manufactured goods. But the trade of services had a surplus in the last 30 years. For example, export and import of services, e.g. Transport, Insurance, Travel, Financial and Business Services. There is a table about Trade in Goods and a table about Trade in Service below: ? million\ year Exports Imports Balance 107863 120931 -13050 171923 184265 -12342 187936 218262 -30326 190500 223560 -33510 186170 221532 -35182 1992 1997 2000 2001 2002

Trade in Goods From the table, we can see that imports of goods are more than exports and the difference are growing. ? million\ year Exports 36228 59699 77199 6 77683 83467 1992 1997 2000 2001 2002

Imports Balance

30746 5482

47171 12528

65361 11838

66383 11300

69308 14519

Trade in Services From the table, we can see that exports of services are more than imports, and the difference are growing. So we can get the conclusion from the two tables that UK has transferred from a manufacturing country to a service-based economy17. Analysis on Element 10 Each country's currency in international trade, in export and import aspects has different. Every country’s coin is different. The rate of exchange becomes economic lever, and may also influence trade to pay difference in amount18. For example, if pound appreciate in relation to dollar, it is good for import of UK, it is bad for export of UK, led to increased imports and decreased exports. The balance of trade of UK will be deficit. The pounds depreciate in relation to dollar. Export is cheaper and import is expensive19. Analysis on Element 11 The advantages of the single currency for the UK, one is about keeping interest rates lower. The above also reduces the scope for price discrimination and will help create pressure to keep prices low. Another is increased foreign investment. Direct inward investment should be attracted because of the reduction of uncertainty20. The disadvantages of the single currency for the UK include inability to devalue independently—individual governments lose this policy instrument and misalignment of exchange rates—an exchange and interest rate which benefits most members may not benefit all21. Analysis on Element 12 The single currency effects on individuals: It will lower the interest rates, it will let people do not deposit the money their earned to bank. And they may use the money to consume or invest. It will cuts costs of transactions, if a British go to member countries, he may not exchange the currency. It convenient to him goes member countries. The single currency effects on businesses: expansion opportunities within the European Union, the competition will be increased22. Analysis on Element 13 There are many characteristics of Less Development Countries. It includes subsistence agriculture-land is very ineffectively used and is very low in productivity, climate-lots of drought and floods, very high birth rates but very heavy infant mortality, high death rates, very simple education and often non-existent, poor health care, lack of capital, effectively none communication, inadequate water and power supply and narrow and poor quality

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products23. For example, Angola's economy has undergone a period of transformation in recent years, moving from the disarray caused by a quarter century of civil war to being the fastest growing economy in Africa and one of the fastest in the world. In 2004, China's Exam bank approved a $2 billion line of credit to Angola. The loan is being used to rebuild Angola's infrastructure, and has also limited the influence of the international monetary fund in the country. Super tropical storm "Sid" swept the southern coast of Bangladesh on the 15th night. Mali, there are about 11000 people died of the AIDS, and there are about 1.7% majors get the AIDS24. Analysis on Element 14 They may meet a underdevelopment trap—the vicious circle of poverty which an increase in productivity require the rate of capital accumulation to increase but investment can only increase if saving rates increase which can only increase if income increases. Income cannot increase unless productivity increases. They also do not have tax base, high inflation and indebtedness-major problem. Xinhua Geneva, October 12, WHO Vaccine Research head quarter of Niger on the 12th, said that the organization may be starting in November to about 100 low and middle income countries to send Influenza a H1N1 influenza vaccine. They are faced with the population vulnerable to infection, the lack of response to the dual problem of resources. They have no money, an increase in productivity require the rate of capital accumulation to increase but investment can only increase if saving rates increase which can only increase if income increases. Income cannot increase unless productivity increases. They have not enough capital and high technique to produce A H1N1 influenza vaccine25. Analysis on Element 15 Multinational firms mean companies which produce products in more than one country. "Economic Information Daily" reporter seed market survey found that only in Shouguang City, they are filled with more than 30 species of giant multinational research and development, promotion of base in a street on both sides, recently. They are completely occupied the Chinese market. It is said that it had appeared the price per gram to 100 Yuan, because the market has been monopolized by foreign companies, farmers can only be forced to accept. But it brings us new technology, and adds the output of crops. It will give more profit to farmer and improve the standard of living26. Water Resources and Hydropower Construction Group Corporation is also in cooperation projects in China and the Government of Angola, one of the main implementation of the respective commitment to cooperation projects in China and Angola as well as the World Bank and the UN FAO in security assistance projects implemented in the building construction. In Angola's 18 provinces, the water and electricity in 16 provinces were started construction of water conservancy, agriculture, health, schools and transport more than 30 projects, totaling more than 900 million U.S. dollars. Training in the use of local labor to maximize provides local jobs. The uses of local staff were trained more than 8,200 people at present. But it eliminates domestic competition and become monopoly. Monopoly would

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lead to consumer having less choice, paying higher prices, etc. Control the economics of the national country27. Summary With some knowledge and examples, it explain how to place the trade, the role of trade in trade patterns, exchange rate system, patters in trade, how trade takes place, the newly industrialized countries and less developed countries. Companies should be adopting different measures to carry out the problem it would be the most emotional. To develop a marketing plan for new products to market, managers have been considering various economic factors. Reference

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Economics 2: The World Economy page33 http://en.wikipedia.org/wiki/Free_trade 3 Economics 2: The World Economy page19 4 Economics 2: The World Economy page28 5 Economics 2: The World Economy page21 6 Economics 2: The World Economy page28 7 Economics 2: The World Economy page24 8 http://en.wikipedia.org/wiki/Protectionism 9 http://en.wikipedia.org/wiki/Protectionism 10 Economics 2: The World Economy page35 11 From the teacher talked about in class 12 Use the China Daily. 13 Resource ware taken from SQA class material 14 http://blawg.lehmanlaw.com/english/index.php?do=class&id=11 15 Economics 2: The World Economy page59 16 Resource ware taken from SQA class material 17 http://en.wikipedia.org/wiki/Wiki_UK_Balance_of_trade 18 Economics 2: The World Economy page89 19 From the teacher talked about in class 20 Economics 2: The World Economy page112 21 Economics 2: The World Economy page113 22 Resource ware taken from SQA class material 23 Resource ware taken from SQA class material 24 http://en.wikipedia.org/wiki/Angola 25 Resource ware taken from SQA class material 26 http://en.wikipedia.org/wiki/Multinational 27 Resource ware taken from SQA class material

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If at the given exchange rate there is an excess supply of the currency, government will have to buy the currency to keep the value constant. If there is no official financing then the supply of currency will always equal the demand and the balance of payments is 0, A surplus in the current account means a deficit on the capital account and vice versa.

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