3. Explain what is the economic relationships with other countries?

Expert Solution

Answer: Economic relationships with the other countries refer to the political and trade relationships that one country holds with another country or countries. It involves the terms and conditions that dictate trade and commerce between two nations. They include the support and restrictions that the government of one nation extends to another nation that is wants to trade with that nation. The economic relationships with other countries define the distribution of wealth and consumption of resources at the global level. Having good economic relationships enables the nations to promote mutual economic development and taking advantage of each other comparative advantage in the factors of production. No single nation can promote its economy alone and it requires the help of the other nations for the resources that are required for various economic activities. Hence economic relations with the other countries are the trade relationships that exist between two countries or many countries.

keosha answered 5 months ago

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