Question

give reason : the economic life of people is interdependent

Answer 1

Answer:

Ans.

Economic interdependence is when people rely on others to provide the goods and services required for supporting their lives or for convenience. Because many are unable to acquire their goods due to lack of particular skills or knowledge, 'labor specialization' becomes key to this reliance.

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Answer 2

Answer:

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Explanation:

Economic interdependence is a consequence of specialization or the division of labour. The participants in any economic system must belong to a trading network or organization to obtain the products they cannot produce efficiently for themselves. A change in the economic behavior of any participant in such a network or organization usually affects many others, so that the demands and incomes of the participants are interdependent. A. A. Cournot wrote in Mathematical Researches into the theory of Wealth "...the economic system is a whole in which all of the parts are connected and react on one another. An increase in the income of the producers of commodity A will affect the demand for commodities B, C, etc. and the incomes of their producers, and by their reaction will affect the demand for commodity A."[1] Such complex reactions are evident in general equilibrium theory. Although economic interdependence is a general (and presumably important) concept, almost all of the academic writing on the subject is devoted to the interdependence of nations, where a variety of approaches have been proposed.

David Baldwin conceptualizes international economic interdependence as the opportunity costs incurred from potential exit costs that incur as a result of breaking existing economic ties between nations. Others argue that it entails the degree of sensitivity of a country’s economic behaviour to policies and development of countries outside its border.[2] Global economic interdependence has grown in the post-World War II period as a result of technological progress (e.g. computerization, containerization, low-cost travel, low-cost communications) and associated policies that were aimed at opening national economies internally and externally to global competition.[3][4][5]

Some international relations scholars posit that economic interdependence contributes to peaceful relations between states.[6][7][8][9][10] Other scholars argue that the relationship is more nuanced or emphasize the ways in which interdependence can contribute to conflict between states.