National and International Economy: Principles and Trade Theory
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National Economy in Microeconomics
The national economy constitutes a multitude of states integrated by smaller economic units. It develops with its respective counterpart, yet shares common unitary characteristics.
The national economy is defined as the set of monetarily organized individuals and correlative economies that exist within a state, encompassing both the state's own financial economy and broader structures.
International Economy in Macroeconomics
The international economy studies human behavior in ordinary business life, viewing the whole economy's behavior as a single entity and studying fundamental variables such as:
- Total economic production
- General price level
- Employment and unemployment
- Interest rates and wage rates
- Rate changes and