2.2 The Global Economy

MyEconLab Concept Video

We’re now going to look at what, how, and for whom goods and services get produced in the global economy. We’ll begin with a brief overview of the people and countries that form the global economy.

The People

Visit the Web site of the U.S. Census Bureau and go to the population clocks to find out how many people there are today in both the United States and the entire world. On the day these words were written, November 8, 2015, the U.S. clock recorded a population of 322,115,000. The world clock recorded a global population of 7,284,290,000. The U.S. clock ticks along showing a population increase of one person every 15 seconds. The world clock spins faster, adding 30 people in the same 15 seconds. ...

Get Foundations of Economics, 8th Edition now with O’Reilly online learning.

O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers.