Economics Balance Of Trade Questions
The different types of natural resources included in international trade are:
1. Energy resources: This includes fossil fuels such as oil, natural gas, and coal, as well as renewable energy sources like wind, solar, and hydroelectric power.
2. Minerals and metals: This category includes various minerals like iron ore, copper, gold, silver, and rare earth elements, as well as precious metals like platinum and palladium.
3. Agricultural products: This includes crops like wheat, rice, corn, soybeans, coffee, tea, and spices, as well as livestock products such as meat, dairy, and poultry.
4. Timber and forestry products: This includes wood, timber, and various forest products like paper, pulp, and furniture.
5. Water resources: While not a physical resource traded directly, water is essential for various industries and agricultural activities, and its scarcity or abundance can impact trade patterns.
6. Fish and seafood: This includes various types of fish, shellfish, and other seafood products that are harvested from oceans, rivers, and aquaculture.
7. Natural beauty and tourism: Some countries possess natural landscapes, national parks, and tourist attractions that attract international visitors, contributing to their balance of trade through tourism revenue.
It is important to note that the availability and abundance of these resources vary across countries, leading to differences in comparative advantage and trade patterns.