Overview
Global trade plays a crucial role in shaping local economies by influencing job creation, market competition, and economic growth. While it can lead to lower prices and increased consumer choice, it also poses challenges for local businesses that may struggle to compete with international firms. Und...
Key Terms
Example: A positive trade balance means exports exceed imports.
Example: A small town's local economy may rely on agriculture.
Example: Tariffs can make foreign products more expensive.
Example: The U.S. imports oil from various countries.
Example: Japan exports cars to many countries.
Example: Local stores compete with online retailers.
Related Topics
International Economics
Study of how countries interact economically, including trade policies and currency exchange.
advancedTrade Policies
Examine the rules and regulations that govern international trade.
intermediateGlobalization Effects
Explore the broader impacts of globalization on societies and economies.
intermediateKey Concepts
trade balancelocal employmentmarket competitioneconomic growth