A What is an International Economy

Authors

  • Erica Monroe

Abstract

What exactly is an international economy? An international economy refers to an economy that exists in more than one country. These global economic activities can either have a positive or a negative effect on the different countries involved. There are many different economic systems and processes that exist in the world. These include but are not limited to, the following: Local economies - These economies are those that are based in one area of the country. It could be an area that has no direct connection to any other area, or it could be a small town that is located in another part of the country. An example of this is that the economy in the small town of East Haven, Connecticut may be based on a high number of textile manufacturing jobs, but the economy in the city of New York could be based entirely on the banking, financial and other related industries. Global economies - These are very similar to local economies in that they are ones that are based around a specific region of the world. Some examples of these are the economies that exist in South America, Africa and Asia. Many of these economies are very similar to those of the United States, as some countries have economies based around industries such as the manufacturing of clothing or electronics, while other countries have industries based around agriculture. The economies of these countries also often trade with others. An overall global economic system refers to an economic system that is composed of economies that are based all over the world. The United States of America is actually one of the most important and prominent areas of the global economic system. The way that the global economic system works is by trading goods and services between countries in order to obtain the best possible price. This means that each country has a central bank which controls the supply and demand for money in order to keep the economy balanced, and in the process the prices of everything that is traded is set accordingly.

 

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Published

2020-11-21