Every economy in the world today has two types of income centres - Internal Consumption and External Consumption. Internal consumption is all of the things bought and used by the people of your own country. External Consumption is all of the things that you sell to other countries because you are either really good at it or produce a surplus of it. In addition to this, we obviously buy goods from other countries that have a surplus of things that we cannot produce.
Economy - after COVID
Economy - after COVID
Economy - after COVID
Every economy in the world today has two types of income centres - Internal Consumption and External Consumption. Internal consumption is all of the things bought and used by the people of your own country. External Consumption is all of the things that you sell to other countries because you are either really good at it or produce a surplus of it. In addition to this, we obviously buy goods from other countries that have a surplus of things that we cannot produce.