TAILIEUCHUNG - Lecture Principles of economics - Chapter 11: Open-economy macroeconomics

After completing this chapter, students will be able to: Learn how net exports measure the international flow of goods and services, learn how net foreign investment measures the international flow of capital, consider why net exports must always equal net foreign investment,. | 11 THE MACROECONOMICS OF OPEN ECONOMIES 31 Open-Economy Macroeconomics: Basic Concepts Open-Economy Macroeconomics: Basic Concepts Open and Closed Economies A closed economy is one that does not interact with other economies in the world. There are no exports, no imports, and no capital flows. An open economy is one that interacts freely with other economies around the world. Open-Economy Macroeconomics: Basic Concepts An Open Economy An open economy interacts with other countries in two ways. It buys and sells goods and services in world product markets. It buys and sells capital assets in world financial markets. THE INTERNATIONAL FLOW OF GOODS AND CAPITAL An Open Economy The United States is a very large and open economy—it imports and exports huge quantities of goods and services. Over the past four decades, international trade and finance have become increasingly important. The Flow of Goods: Exports, Imports, Net Exports Exports are goods and services that are produced .

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