International trade, crucial aspects of a nation’s economy

"One of the most important parts of a country's economy is international trade. Countries with a trade surplus outperform ones with deficits. It is important to note that the primary economic theory employed in international trade is the staple theory. The adoption and application of this strategy is based on its vivid presentation of economic growth and development as a result of international trade adoption. This theory's effectiveness is also predicated on its capacity to use data and results from many countries as an inference for international trade-related decisions. Export can be defined as the total amount of goods and service sold by a nation to other nations, thus serving as a form income for such countries in the form of foreign exchange. The GDP of the country is the total goods and service produced in a nation for a period, more specifically one year. Export is a primary contributor to the country's GDP, the more export a country can get, the more the value of its GDP.


There is some factor that could lead to the growth of the export of nation, however, in recent times the primary strategy adopted is the customer service driven strategy. The strategy ensures the delivery of value-added services to consumers around the globe and also achieves repeated purchases from such consumers. The customer service driven strategy has been adopted by the United States, and the record shows that the country does outstandingly well regarding international trade with a yearly revenue of about $2.34 trillion, ("New Top Markets Series Provides Data and Analysis to Help U.S. Exporters Compare Opportunities Across Borders", 2017).


There are a couple of scriptures that could guide out attitude and actions during an international trade, for example, proverbs tell us the prudent lady who gets her goods from a far, i.e., international trade, (Proverbs 31:13-18). Perhaps a cardinal scripture describing our foreign trade attitudes and actions could be found in Deuteronomy. It states that we are permitted to charge interest when we sell to foreigners. Hence, the Bible expects us to profit from our international trade dealings, (Deuteronomy 23:20).


Reference


New Top Markets Series Provides Data and Analysis to Help U.S. Exporters Compare Opportunities Across Borders. (2017). Department of Commerce. Retrieved 18 October 2017, from https://www.commerce.gov/news/blog/2015/07/new-top-markets-series-provides-data-and-analysis-help-us-exporters-compare

Deadline is approaching?

Wait no more. Let us write you an essay from scratch

Receive Paper In 3 Hours
Calculate the Price
275 words
First order 15%
Total Price:
$38.07 $38.07
Calculating ellipsis
Hire an expert
This discount is valid only for orders of new customer and with the total more than 25$
This sample could have been used by your fellow student... Get your own unique essay on any topic and submit it by the deadline.

Find Out the Cost of Your Paper

Get Price