INTERNATIONAL ECONOMIC - MIND MAP

International Economics have diferent features for work good, this feautures are:

• Balance of payment
• Exchange rates
• Absolute Advantage
• Comparative advantage
• Reasons for trade

The balance of payment is the method countries use to monitor all international monetary transactions at a specific period of time, is all about the trade of goods and services, this trades are conducted by both the private and public sectors are accounted for in the balance of payments in order to determine how much money is going in and out of a country.

Exchange Rates are all about the import and the export of goods aroun the world, also for manage this features you have to know about the differences in the interest rates and managmente floating.

Absolute advantage is one of the trade theories is about how countries should specialize in producing what they are best at things they have an absolute advantage.

Comparative advantage is another of the trade theories is about how countries will trade without having to have an absolute advantage, they only need a comparative, this trade happens when the "relative" cost of doing business is  diferent between two countries, there are benefits to trade even when one trading partner is absolutely better in production.

For last, the reasons of trade are access to different goods, potencial for economics, increase of competition, generated economic grow, add global value, social and cultural benefits and factor endowments.