Chapter 1 IE

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