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International trade is the exchange of goods and services between nations.

Imports = goods and services bought from other countries.

Exports = goods and services sold to other countries.

Trade is carried out by businesses, but regulated by governments.

Global trade has expanded due to fewer trade restrictions.

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No country can produce all the goods and services it needs.

Nations depend on each other because of unique resources and capabilities.

Examples:

Saudi Arabia → oil

Japan → technology

Brazil → coffee

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A country has an absolute advantage when it can produce a product at a lower cost than any other nation.

Example: Brazil has an absolute advantage in coffee production.

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A comparative advantage exists when countries specialize in what they produce most efficiently, even if they could produce other goods too.

Examples:

United States → high-tech products (airplanes, computers, telecommunications).

Emerging nations → labor-intensive goods such as clothes, shoes, and toys.

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Consumers: more choices, lower prices, better quality.

Producers: larger markets, higher sales and profits (e.g., IBM, Heinz, HP).

Workers: more jobs at home and abroad (Toyota employs over 30,000 Americans).

Nations: higher living standards, stronger economies, and political alliances.