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GLOBALIZATION: The generalized expansion of international economic activity which includes increased international trade, growth of international investment (foreign investment) and international migration, and increased proliferation of technology among countries. Globalization is the increasing world-wide integration of markets for goods, services, labor, and capital. It is an ongoing process that started several centuries ago. However, most people would agree that today we are in a period of rapid globalization as international economic activity has accelerated in the last 200 years or so.
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INTERNATIONAL ECONOMICS: A branch of economics that studies economic interactions among different countries, including foreign trade (exports and imports), foreign exchange (trading currency), balance of payments, and balance of trade. While much of the interaction among countries is largely an extension of basic economic principles, complications do arise because nations are distinct political entities, with different laws and cultures, and with little or no overall governmental oversight. The guiding principle in the study of international economics is comparative advantage, which indicates that every country, no matter their level of development, can find something that it can produce cheaper than another country. The study of interational economics focusses on two related areas -- international trade and international finance See also | international trade | international finance | balance of trade | balance of payments | comparative advantage | foreign | domestic |
Recommended Citation:INTERNATIONAL ECONOMICS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: July 26, 2024].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: international economics
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PROFIT CURVE A curve that graphically represents the relation between the economic profit earned by a firm and the quantity of output sold. This curve is constructed to capture the relation between profit and the level of output, holding other variables, especially those affecting the total revenue and total cost curves, constant. The profit curve is commonly used to illustrate the profit-maximizing quantity of output produced by a firm.
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BEIGE MUNDORTLE
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Today, you are likely to spend a great deal of time driving to a factory outlet seeking to buy either storage boxes for your computer software CDs or a set of tires. Be on the lookout for bottles of barbeque sauce that act TOO innocent.
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Two and a half gallons of oil are needed to produce one automobile tire.
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"Old age isn't so bad when you consider the alternative. " -- Cato, Roman orator
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BIS
Bank for International Settlements
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