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Economics glossary · The global economy

Cheaper imports

What cheaper imports means in economics, as one of effects on developed economies, with an example and a question to test yourself.

Definition
Cheaper imports
Cheaper imports are the lower prices and wider choice that consumers in rich countries gain when goods are made where they cost least.
Example

Can you think of an example of cheaper imports?

Test yourself

Can you name three effects of globalisation on developed economies?

Learn it properly: the module

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