Principles of Macroeconomics / Unit 1 MAC 0016 short lesson, about 20 seconds
Globalization, Exports and Imports
Captions available
The idea
Globalization is the widening of economic connections across borders. Exports are produced at home and sold abroad; imports are produced abroad and sold at home.
In practice
Containers, air cargo and telecommunications drove much of it.
Where people slip
Large economies trade a smaller share of their output than small ones, because a big economy keeps more of its division of labor inside its own borders.
Your place on the trail
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Builds on
Unlocks
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