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International Trade: Chapter Roundup

No country has enough resources to produce goods and services required by its people. Different countries are endowed with differing levels and types of resources which make countries interdependent. It is beneficial for all countries to specialize in the product(s) that they can produce best with minimal resources and to import others from abroad. It improves the resource use in the economy and brings an enormous increase in the world output of goods and services.

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Type Definition Reward Land Labour Capital Enterprise All natural resources The physical and mental works of people All man made tools and machines All managers and organizers Rent Salary/Wage Interest Profit/Loss

Factors Affecting Geographical Mobility of Labour

Geographical Mobility of Labour refers to the movement of workers from one place to another place.  It depends upon; ·     cost of housing ·     cost of relocation ·     availability of social amenities ·     family ties etc

Common Barriers to Occupational Mobility of Labour

Barriers to Occupational Mobility of Labour ·     Lack of natural abilities ·     Lack of qualification ·     Cost and length of training ·     Discrimination ·     Ignorance of available job opportunities Ways to increase Occupational Mobility of Labour ·     By providing training and retraining ·     By organizing job centers