Unit 1 The World of International Trade.docx
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Unit 1 The World of International Trade.docx
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Unit1TheWorldofInternationalTrade
Unit1TheWorldofInternationalTrade
Unitgoal:
Inthisunit,studentswilldevelopaknowledgeandunderstandingof
(1)theadvantagesanddisadvantagesofinternationaltrade;
(2)typesofinternationalbusiness
(3)thepresentsituationofinternationaltrade;
(4)differenttradepoliciesadoptedbyUSA,EU,Japan,etc
(5)GATTandWTO
PartOneTheroleofinternationaltrade
1.AdvantagesofInternationalTrade
1.Createvalue:
Internationaltradevaluerecord
China:
2003US$851billion,60%ofGDP,worldNo.4tradenation
2004US$1.15trillion
3rdlargest(USA,Germany,China,Japan,UK)
global:
2003USD7.486trillion
2004USD9.068trillion
2.Increasetheefficiencyofresourceallocation
.allocation,allocate
allocation:
n.thegivingofsharesorplaces
Traditionaleconomicsisconcernedprimarilywiththeefficient,least-cost
allocationofscarceproductiveresources.
allocate:
v.
Thewelfareeffectsofanimportquotafurtherdependonhowthegovernment
allocatesthelegalrighttoimport.
Ifthefirmallocates$8,000forresearchthisyear,itcanexpecttoearn
approximately$36,000inthecomingyear.
Worldresourceallocation
MiddleEast:
oil
USA:
Hi-tech,intellectualproperty,Hollywood,software,nuclearpower(20%)
Japan:
manufacturedgoods,automobiles,electricappliance
Australia:
bauxite,ironore
Thailand:
grain
LatinAmerica:
timber,cocoa,coffee,sugar,tea,tobacco
Russia:
aeroplane,oil,missiles
Europe:
automobiles,fashion,wine
China:
naturalresources,humanresources
3.Reduceproductioncoststhrougheconomiesofscale,lowerinputcosts:
Typesofproductioncosts
Fixedcosts:
Thesecostsdonotchangehowevermanyunitsofaproductaremade.
Factoryrent,insurancepremiums,administrationsalariesandloantobuy
equipmentorrefurbishabuilding.staythesame,whetherthefactoryis
workingatfullcapacityorproducingnothing.
Variablecosts:
Variablecostschangeasoutputchanges.Forexample,theamountofraw
materialsneededvariesasthelevelsofoutputgoupordown.Piece-work
wagesalsofluctuate,dependingontheemployees'efficiencyandthe
demandforthecompany'sproducts.
Totalcosts:
Thefixedcostsandthevariablecostsareaddedtogethertoestablishthetotal
costs.Thefixedcostsremainconstant,butthevariablecostsincreasein
directproportionwithoutput.
Marginalcosts:
Thisisawayofmeasuringhowmuchmoreitwillcostacompanyto
makeonemoreindividualitem.
Averagecosts:
Theaveragecostofproductionhelpsafirmtomonitoritsprogress,and
makesiteasiertosetprices.
Inputcosts:
includeLabour,Technical/SupervisoryEngineer,Land,Land
Development,Electricity,Water,Telecommunication,Fuel,Freight,
InterestRate,ExportCreditRate
4.Lowerpricesthroughinternationaldivisionoflabor
Divisionoflabor
thebasicsysteminproductionandincreasingthetotaloutputoftheeconomybyorganizingthemanufactureofanarticlesothateachworkergivesallhistimeandattentiontoperformingasingleoperation(calledspecialization)insteadofperformingthemanydifferentoperationsneededtoproducethearticle.
Advantages:
Greatlyincreasedoutputatlowercost
Developmentofspecialskillsandmachinery
Savingtimebecauseofcontinuousoperation
Disadvantages:
Theworkbecomesuninteresting
Qualityofworkmanshipmaybelowered
Administrationbecomesmorecomplicated
Businessriskisincreased
5.Increaseproductvarietyandavailability.
variety:
types
Atthesametime,werequestthattheforeignsuppliersmeetourrequirementsintermsofvariety,specifications,quality,anddeliveryofourimportitems.同时,我们要求国外供货者在品种、规格、质量和交货条件等方面适合我们的要求。
Thereisawidevarietyofcommoditiesondisplay.陈列的商品种类繁多。
、
Aswehandleinalargevarietyofchemicals,wecannotofferwithoutspecificinquiry.由于我们经营的化工产品种类甚多,没有具体的询购无法报盘。
availability:
beingabletobeobtained,used,etc
Theavailabilityofnewpassengercarseachyeardependsonwhethercarmakerssuccessfullycompleteanemissioncertificationprocess.
Twoimportantconsiderationsfortheconstructionofawastetreatmentplantarethecostandavailabilityofland.
We'dliketoknowtheavailabilityandtheconditionsofsaleofthisline.我们想了解一下,你们在这方面的供货能力和销售情况。
Wewillshipnextmonthsubjecttotheavailabilityofsteamer.如果有船的话,我方将于下月初装运。
II.Disadvantages
1.Increaseexposuretoforcesininternationaleconomy:
changesindemand,supply,andexchangerates.
.exposure:
beinguncoveredorunprotected
Asadultswedonothavethesameexposuretothelanguage,evenifweresideintheforeigncountry.
Wearehesitantaboutexpandingourexposureinyourmarket.我们犹豫是否要在贵国的市场上扩大我们所承受的风险。
Thenewtrendinmoneymanagementistointegratecontroloverfinanceswithcontroloverforeignexchangeexposure.货币管理的新趋势是把财务管理同外汇方面管理的风险结合起来。
2.Increasevariabilityofafirm’sprofitsandofanation’sGNPgrowthrate
AFirm'sprofit
Sources:
A.thedifferencebetweeninputcostandexportpriceminusalltaxespayable.
B.taxrebate
Types:
bookprofit帐面利润capitalprofit资本利润
casualprofit偶获利润distributableprofit可分配利润
grossprofit毛利netprofit净利润
GNP(grossnationalproduct)
thegrossdomesticproduct(GDP)plusincomefromabroadlessincomepaidabroad.Itisequaltogrossnationalincome---thetotalofincomesoftheresidentsofanationfromallsources.
variability:
tendencytochangeorvary
Theproblemofindividualvariabilityhasalwaysbeendifficulty.
Domesticpricesareusuallyatleastasvariableasexportprices,andinsomecasesmoreso.
3.Increasetherisksofafirm'soperationsandreducethestabilityofacountry'seconomy.
Operation:
SofarasIknow,quiteanumberofthesejointventuresbegintocollectprofitsduringtheveryfirstyearofoperation.就我所知,很多合资企业在开始营业的第一年就已经开始获得利润。
III.RoleofInternationalTrade
1.Everyfirmandcountryistoagreaterorlesserextentinfluencedbyinternationaltradeflowsasexporter,importer,competitorswithimportsandasfinancialinstitutions.
2.Internationaltradeisthefirstandmostimportantformofbusinessoperations
Formsofinternationalbusiness
1)exportandimport:
A.merchandiseexportandimport(visibletrade):
10categories
foodstuffs(0),beveragesandtobacco
(1)…
B.serviceimportandexport(invisibletrade):
wholesaleandretailtrade,
restaurantsandhotels,transport,storage,communications,financialservices,
insurance,realestate,businessservices,personalservice,community
services,socialservice,governmentservices.
2)technologytransfer:
themakingavailableofknow-how(patents,operational
systems,scientificequipment)fromonetradingpartnertoanother.Waysof
transferinclude:
A.licensing:
anarrangementwherebytheholderofatrademark,patent,
copyrighttransfersalimitedrighttouseaprocess,sellormanufacturean
article,orfurnishspecializedservicescoveredbythetrademark,patent
orcopyrighttoanotherfirm.指商标、专利或版权的持有者向另一企业
转让使用一个流程、销售或制造产品,或者提供涉及商标、专利或
版权专业服务有限权利的合同
B.franchising:
anarrangementbywhichamonopolyproducer(thefranchiser)
givesanotherproducerortrader(thefranchisee)byformallicenseofthe
exclusiveright,iearightheldbynooneelse,tomanufactureorsellthe
productsofthefranchiserinacertainareasuchasatown,acountyor
country.Thefranchiseemaypaythefranchiserbyaloyaltyonnumberof
unitsproducedoronthenumbersold,andhemayagreetobuyallhis
suppliesonlyfromthefranchiser.
特许权是一种合约,有一个垄断生产商(授与特许者)以正式执照把
专营权给予另一个生产商或商人(特许经营者),使其在一定地区制
造或销售授予特许者的产品。
特许经营者可按生产单位数目或销售数目
给授与特许者以特许使用费,并可同意只向授与特许者购买其全部供
应品。
3)foreigndirectinvestment(FDI):
Theestablishmentofaplantordistribution
networkabroad.Investorscanacquirepartoralloftheequityofanexisting-
foreigncorporationeithertocontrolorsharecontroloversales,production,and
researchanddevelopment.US:
10%;China:
25%.Twoforms:
A.jointventure:
aformofbusinesspartnershipinvolvingjointmanagementand
thesharingofrisksandprofitsasbetweenenterprisesbasedindifferent
countries.Ifjointownershipofcapitalisinvolved,thepartnershipisknown
asanequityjointventure.一种不同国家的企业之间联合管理、共担风险
和利润的合作形式。
当涉及资本的共同所有权时,该合伙企业称为股
权合资企业。
B.whollyownedbusiness:
anoperationwhollyownedbyanenterpriseonforeignsoil,withoutthefinancialparticipationofalocalpartner.
4)foreignportfolioinvestment:
thepurchaseofsharesandlong-termdebtobligations
fromaforeignentity.Portfolioinvestorsdonotaimtotakecontrolofa
corporation.Theycanliquidatetheirinvestmentatmarketvalueanytime.
5)internationalfinance:
internationalmanagementofmoneyincludinginternational
financialflow,foreignexchangeavailabilityandexchangeratemovement.
3.Tradeoftenleadstoforeigndirectinvestmentwhichinturnoftenchangestradepatterns.
4.Tradeleadstointernationalfinancialflowsandinturntradeisaffectedbyforeignexchangeavailabilityandexchangeratemovements.
5.Technologytransferisoftenaccomplishedthroughinternationaltradeincapitalgoodsand,inturn,technologytransferleadstotradeinrawmaterialsandsemifinishedandfinalproducts.
Capitalgoods:
itemsordinarilytreatedaslong-terminvestment(capitalized)
becauseofsubstantialvalueandlife(eg,industrialmachinery);manufactured
goodsforproductiveindustrialuse.
Consumergoods:
anygoodsproducedtosatisfytheneedsofindividualsrather
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