Question

Take a moment to look at some items you are wearing or have with you, and write down where 3-5 of them are from. What does that tell you about the global economy today?

Answer 1

The correct answer to this open question is the following.

Take a moment to look at some items you are wearing or have with you, and write down where 3-5 of them are from. What does that tell you about the global economy today?

Yes, many of the items I am wearing are from another country. For instance, my jeans are made in México. My shirt is made in Taiwan. My watch is made in China. And my mobile phone is made in Japan.

What this tells me is that in a globalized world and a globalized economy, all the countries are interconnected and have established good trade agreements that allow companies to export or import their products in a market economy. Companies find countries where cheap labor results in low costs and then, they import the goods to sell in retail stores.