Answered: Trade Elasticity is of great importance…

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter18: Trading With Other Nations

Section: Chapter Questions

Problem 3AA

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Trade Elasticity is of great importance to economics of shipping because it is an indicator of:

Changing patterns in GNP and its impact on trade

Structural shifts in economies which impact on trade

Disparity in regions and their need to trade

Patterns in economic growth and trends in trade

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Definition Definition Increase in the amount of goods and services produced by a country in a given period of time compared to an earlier period. Economic growth is generally coupled with a rise in national income or the purchasing power of individuals. It is often measured in terms of the increase in a country's gross domestic product (GDP), or the overall monetary value of all the complete or final services and goods that a country can produce within its domestic boundaries in a specific period.

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