Case Writing: Trade Patterns And Structure (Essay Sample)
Approximately 5 pages including bibliography and footnotes (or endnotes). Select a foreign country and discuss their trade patterns and structure, including a discussion of the following concepts:
1. An overview of the state of the economy. Discuss economic and social indicators.
2. Comparative advantages and areas of specialization and why. What do they export and what do they import?
3. What percentage of their national income comes from trade?
4. The extent of protectionism or trade liberalization.
5. Explain why their exports and imports fluctuate. What are the implications of these fluctuations in their trade balances? Use spreadsheets to demonstrate graphically these fluctuations.
6. Discuss historical changes in their currency and possible reasons for that.
7. Put together the discussion of the relevant issues including the list above in a report form rather than fragmented answers to the different questions.
Case Writing (For International Economics): Trade Patterns and Structure
Overview of the state of the economy
Norway has a mixed economy, integrating a capitalist market economy and state influence like other Scandinavian countries, but unlike most Western Europe and North American economies that are mostly capitalist. By the end of 2016, the population of Norway was estimated at 5,232,929, with males being 50.4% of the population and females 49.6%, mostly because of recent immigration (World Bank, 2017). In the case of educational attainment, at least completed post-secondary, population 25+, total (%) (Cumulative) was 38.02% in 2015 (World Bank, 2017). Norway is a high-income country with low poverty. Norway has various natural resources including fish, oil, and gas that are mainly exported to Europe and outside the region and while oil production has slowed down in the past decade gas exports have increased.
Comparative advantages and areas of specialization
The Norwegian economy has been geared towards exports and even as the population is small compared to the big economies, it is open to exports and different forms of specialization focusing on comparative advantages. The internalization of the Norwegian economy led to stronger specialization of industries in the coastal areas and especially fishing and aquaculture. Additionally, there are several maritime activities including shipping, manufacturing of marine equipment, shipping and shipbuilding, which have made Norway one of the leading marine nations at the global stage. The country...
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