Chapter 1 IE

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Domanda English Risposta English
agglomeration economies
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a rich country specializes in manufacturing niches and gains productivity through groups of firms clustered together, some producing the same product and others connected by vertical linkages
globalization
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the process of greater interdependence among countries and their citizens
law of comparative advantage
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when each nation specializes in the production of that good in which it has a relative advantage, the total output of each good increases; thus, all countries can realize welfare gains
openness
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the ratio of a nation’s exports and imports as a percentage of its gross domestic product (GDP)
economic interdependence
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all aspects of a nation’s economy are linked to the economies of its trading partners
Crea delle schede
angielskiEnglish

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