ECONOMIC INTERDEPENDENCE & WORLD TRADE BUS6115.006- Explain economic interdependence BUS6115.007- Describe problems and benefits of world trade

Economic Interdependence Occurs when countries rely on one another for the goods and services that its citizens enjoy

TERMS International Business- all of the business activities necessary for creating, shipping, and selling goods and services Imports-goods and services purchased from other countries Exports-goods and service sold to other countries

WORLD TRADE ADVANTAGES Increased competition regulates the cost of goods and services Greater variety of goods and services Increased tax revenues Political alliances with other countries Increase in jobs Improvement in product quality

WORLD TRADE DISADVANTAGES Increased competition effecting cost of goods and services Decreased tax revenue from loss of in-country manufacturing Increased unemployment