Chapter 1 IE

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

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