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Domestic sourcing campaign may trigger trade war globally. When one country starts to encourage their citizens to buy domestic goods, there are usually resistances from other countries. As result of that, poorer countries with significant disadvantage may be forced to add levy against a certain country.
Household final consumption expenditure (HFCE) is not an exhaustive measure of the goods and services consumed by households. The general government and non-profit institutions serving households (NPISH) often provide goods and services to households for their individual consumption free of charge or at reduced prices. Examples are health ...
Below is a list of the largest consumer markets of the world, according to data from the World Bank. The countries are sorted by their household final consumption expenditure (HFCE) which represents consumer spending in nominal terms. [ 1 ]
Usually referred to as black goods due to many products being housed in black or dark casings. This term is used to distinguish them from " white goods " which are meant for housekeeping tasks, such as washing machines and refrigerators , although nowadays, these would be considered black goods, some of these being connected to the Internet .
At the time of Smoot–Hawley's passage, trade volume accounted for only about 9 percent of world economic output. Had all international trade been eliminated, and had no domestic use for the previously exported goods been found, world GDP would have fallen by the same amount – 9 percent.
An import quota is a type of trade restriction that sets a physical limit on the quantity of a good that can be imported into a country in a given period of time. [1] Quotas, like other trade restrictions, are typically used to benefit the producers of a good in that economy (protectionism).
Real GDP is an example of the distinction between real and nominal values in economics.Nominal gross domestic product is defined as the market value of all final goods produced in a geographical region, usually a country; this depends on the quantities of goods and services produced, and their respective prices.
Final goods can be classified into the following categories: Durable goods; Nondurable goods; Services; Consumer durable goods usually have a significant lifespan, which tends to be at least one year, based on the guarantee or warranty period. The maximum life depends upon the durability of the product or goods. Examples include tools, cars ...