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When does not have its own oil

When countries do not have the resources or capabilities to meet their own needs and needs, countries trade with each other. By developing and utilizing their domestic resources in their countries, countries can generate surpluses and trade on the resources they need. Clear evidence of long-distance transactions can be traced back to more than 6000 years, although long-distance transactions may far exceed the domestication of packaged animals and the invention of ships. Today, international trade is at the core of the international economy and the cause of most of the development and prosperity of the modern industrialized world.
Goods and services are expected to be trade in from abroad for a variety of causes. Imports might be cheaper or of good quality. They might also be more available or more eye-catching than locally manufactured products. In many cases, there are no local alternatives and imports are essential. Today, this is highlighted in the case of Japan. Japan does not have its own oil reserves, but it is the fourth largest oil consumer in the world and import all the oil it needs.

Topic: Trade

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Last updated: September 12, 2019

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