Trade Liberalization: This refers to the removal or reduction of barriers such as tariffs or quotas on international trade. It promotes free movement of goods and services between countries.
Economic Interdependence: It describes how economies rely on each other for resources, markets, investment opportunities, technology transfer, etc. A change in one nation's economy can have ripple effects on others.
Gross Domestic Product (GDP): GDP is the total value of goods and services produced within a country over a specific period. It serves as an indicator of economic growth and development.