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This has actually made the world to become a global village.
The other important concept I learnt from this chapter is about the balance of trade. As these scholars exclaim, balance of trade simply refers to the monetary difference between the value of exports and imports. It was of great benefits to be because it enabled me to know how countries engage in international trade. It has positively impacted on my mind. Therefore, if I become a policy maker, I now know the kind of strategies to use. For instance, in case of a deficit balance of payment, I will ensure that I formulate policies which can help to shield my nation from deficit balance of payment (Sullivan and Sheffrin 462). Once I can ensure that the value of our exports outweigh that of the imports, I will be in a position of not only stabilizing my country’s Gross Domestic Product (GDP), but also increase the quality of life in the
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(“Chapter 8 Essay Example | Topics and Well Written Essays - 250 words - 2”, n.d.)
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(Chapter 8 Essay Example | Topics and Well Written Essays - 250 Words - 2)
“Chapter 8 Essay Example | Topics and Well Written Essays - 250 Words - 2”, n.d. https://studentshare.org/macro-microeconomics/1633518-chapter-8.
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