I nternational economics is growing in importance as a field of study because of the rapid integration of international economic markets. More and more, businesses, governments and consumers realize that their lives are increasingly affected, not just by what goes on in their own town, state or country, but by what is happening around the world.
Consumers can buy goods from all over the world in their local shops.
Local businesses must compete with these foreign goods. However, these same businesses also have new opportunities to expand their markets by selling in a multitude of other countries. The advance of telecommunications is rapidly reducing the cost of providing services internationally and the World Wide Web will likely change the nature of many products and services as it expands markets even further than today. Markets are going global, and everyone knows it. This means that it is increasingly important to understand the implications of a global marketplace on consumers, businesses and governments.