What would the economic implications for both exporting countries and importing countries be if the world were not so interdependent? Explain how a world with less interdependence would affect your life.

Question

e.mccormick · Answer

Well, first, do you understand the terms in the question?

anonymous · Answer

no, I am pretty confused. I need help with this really bad :/ it's my last question to my practice guide!

e.mccormick · Answer

OK.  Do you know what exporting and importing countries are?

anonymous · Answer

What is an economic implications?

anonymous · Answer

and no I have tried to do some reasearch on it and its just not helping.

e.mccormick · Answer

Economics: What you are studying.  The flow of money and goods in a society would be one way of saying it.

Implication: To imply something is to mean it.  It usually means some sort of effect when talking about events. So the implications of dropping the nuclear bombs on Japan at the end of WWII were such an awe inspiring power that it stopped the war... and started the global nuclear arms race.

e.mccormick · Answer

To import is to take in from elsewhere.  To export is to send out to elsewhere.  For example, there are some countries in the Middle East where all they have are rocks and oil.  Not much else.  So they sell all the oil to get money to buy food, etc.

Now lets apply your question to that.  What would happen if suddenly oil was no longer needed?  Countries that only got real income from exporting oil would have what happen?

e.mccormick · Answer

In about 6 minutes you can get an overview of economics, including a little on this topic, where they talk about comparative advantage and international interaction. http://www.youtube.com/watch?v=LCRNI04tnN8 What your question is talking about is what if that whole crazy system was not needed because the big countries were all fine. What happens to everyone else?