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CHAPTER 1: INTRODUCTION, Definition of Internationals economy :explode:
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CHAPTER 1: INTRODUCTION
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Gravity Model :!!:
- The greater the distance between the two countries, the smaller is their bilateral trade.
• The larger& the closer the two countries, the larger volume of trade between them is expected.
- volume of trade is directly related to the GDP of each trading partner & inversely related to distance between them
Definition of Internationals economy :explode:
- The production, distribution and consumption of goods and services on a global basis.
• How nations interact through; trade of goods and services, flows of money, and investment