What are the key differences between local and global economies?

What are the key differences between local and global economies?

Local economies focus on community-based production and consumption, while global economies involve international trade and markets.

How do local economies benefit communities?

Local economies create jobs, support local businesses, and keep money circulating within the community, enhancing economic resilience.

What are the disadvantages of a global economy?

Global economies can lead to job losses in local markets, increased inequality, and can make communities vulnerable to global market fluctuations.

Can local economies thrive in a globalized world?

Yes, local economies can thrive by focusing on sustainable practices, supporting local businesses, and leveraging unique community resources.

What role does technology play in local vs global economies?

Technology can enhance local economies by improving access to markets and information, while also facilitating global trade and communication.