Chapter 1 IE

0 5 tarjetas jakubgrzesiak

término		definición
agglomeration economies empezar lección		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 empezar lección		the process of greater interdependence among countries and their citizens
law of comparative advantage empezar lección		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 empezar lección		the ratio of a nation’s exports and imports as a percentage of its gross domestic product (GDP)
economic interdependence empezar lección		all aspects of a nation’s economy are linked to the economies of its trading partners