2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,*,*,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Name text y content-blue,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,PowerPoint Slides prepared by:,Andreea CHIRITESCU,Eastern Illinois University,Name text y content-blue,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Name text y content-blue,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Name text y content-blue,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Name text y content-blue,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,*,Figure 1,Text,*,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Table 1,text,*,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Master case-study#2,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level -colorat diferit,*,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Appendix master title,*,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Click to edit Master text styles,Second level,Third level,Fourth level,Fifth level,Open-Economy Macroeconomics:,Basic Concepts,1,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Open-Economy Macroeconomics:1,1,Basic Concepts,Closed economy,Economy that does not interact with other economies in the world,Open economy,Economy that interacts freely with other economies around the world,2,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,Basic ConceptsClosed economy2,2,International Flow of Goods,Exports,Goods&services,Produced domestically,Sold abroad,Imports,Goods and services,Produced abroad,Sold domestically,3,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitted in a license distributed with a certain product or service or otherwise on a password-protected website for classroom use.,International Flow of GoodsExp,3,International Flow of Goods,Net exports,Value of a nations exports,Minus the value of its imports,Also called trade balance,Trade balance,Value of a nations exports,Minus the value of its imports,Also called net exports,4,2011 Cengage Learning.All Rights Reserved.May not be copied,scanned,or duplicated,in whole or in part,except for use as permitt