Текст International Economic Theory с опорными словами

Колледж экономики и финансов

International Economic Theory

     Nations have been long classified into groups that indicate their economic strengths and weaknesses. Industrial or developed nations are those that have achieved substantial manufacturing and service capability. Developing nations are usually those, whose production sector is dominated by agriculture and mineral resources and are in process of building up or modernizing industrial capacity.

     Much attention in international economic and political affairs focuses on the welfare gap between the developed and developing nations. Comparisons are frequently made among courtiers using such measures of economic progress and competitive strength as cultivated land area, population, per capita income and wealth, unit labor coasts, prices, external debt, and monetary reserves.

     International economic theorists have made three important theoretical conclusions:

1.     The theory of comparative advantage states that trade will always be possible because it is based on relative prices rather than absolute prices.

2.     Any country will tend to export the commodity that is abundant in that country.

3.     The factor of price equalization theory states that the price of the traded products and also the prices of the factors of production such as land, labor, capital will be equalized among countries.

Vocabulary:

To indicate                                               указывать

Strengths                                                  сильные стороны

Weaknesses                                              слабые стороны

Capability                                                 способность

Gap                                                           разрыв

Per capita income                                     доход на душу населения

Comparative                                             сравнительный

Advantage                                                преимущество

To state                                                     указывать

To tend                                                     стремиться

Abundant                                                  изобильный

Price equalization theory                          ценовое равновесие

To equalize                                               уравновешивать

Relative                                                    относительный