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Unformatted text preview: buys stock in foreign companies. In all of these cases, you are participating not just in the U.S. economy but in economies around the world. There are clear benefits to being open to international trade: Trade allows peo-ple to produce what they produce best and to consume the great variety of goods and services produced around the world. Indeed, one of the Ten Principles of Eco-nomics highlighted in Chapter 1 is that trade can make everyone better off. Chap-ters 3 and 9 examined the gains from trade more fully. We learned that international trade can raise living standards in all countries by allowing each O P E N - E C O N O M Y M A C R O E C O N O M I C S : B A S I C C O N C E P T S 657...
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This note was uploaded on 07/30/2010 for the course ECON 120 taught by Professor Abijian during the Spring '10 term at Mesa CC.
- Spring '10