ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
EXPORTING AND IMPORTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Some countries wouldn’t have certain goods if they didn’t have the needed materials and resources
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Companies wouldn’t be able to make any money at all
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None of the Answers
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None of the above
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Detailed explanation-1: -Interdependence refers to two or more countries that impact and rely on each other, while globalization is the economic, social, and political interaction and integration of people in different areas of the world.
Detailed explanation-2: -A closed economy typically refers to a country that does not trade or engage in other financial exchanges with any other country. That means no imports come into the country and no exports leave it.
Detailed explanation-3: -Define Self-Sufficient Economy: A self sufficient economy is when a country is completely independent, produces its own goods, and does not import goods or services.
Detailed explanation-4: -The primary cause for economic interdependence is industrialization and the advancement of a nation’s economy. First, economic interdependence occurs within the nation shortly after industrialization, as the economy advances.