Principles of Microeconomics / Unit 1 MIC 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
Cheaper shipping, computing and telecommunications drove most 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 borders.
Your place on the trail
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