What would happen if every country kept their own business/companies in their own country?

America would be alright but it would increase poverty in other countries and more children would starve. our wages would be the same and prices would be around the same we wouldn't have some products though. just the things that we dont make untill someone else opened a new business and started making that product

this will certainly lead to higher prices. Specifically because specialization would not occur, productivity will decrease, and the availibilty and therefore the cost of factors of productions(stuff used to make stuff) will increase.

Same way some people are better at doing things, some countries are better suited at producting certain things (I mean you would ask a plumber to do surgery on you, would you?). Prices are determined by abundancy (would you pay a thousand dollars for a bottle of water...no. But you would spend that for a diamond, strict because they are in low supply [same senario in a desert, and you might spend that $ if you're dying of dehydration]). Countries with high abundacy in many factors willy be better off than those with very few. This is the reason why so many products are made in China. They have few natural resouces, but they have plenty of people & laborers. So they make labor intensive goods(clothes, electronics, toys, etc). Same product in the U.S. would way more expensive because we have less willing laborers would would demand a higher wage for the same work, thus raising the price the consumer buys at....this can go on and on..

Trade is good!

Prices wouldn't sky rocket on anything other than products and services in short supply. The US has a diverse geography and abundant resources. A few other countries also have this precious trait. Most countries do not. Those countries would have a very difficult time with many things we take for granted such as lumber, and metal to create electrical wiring for electricity and automobiles. In short, the US would be doing fine while a lot of countries would not.

The economy wouldn't be much different for the US than it is today but many other countries would be hurt by the lack of exporting they could profit from.

it's really good for one country's economy if this is done. Actually, Japan did this many years ago when they declared the "close-door-policy" and their economy sky rocketed and everything went stable. If the country is not over-populated, then the people will recieve a high salary. The tax will also be higher since the country will only be depending on its own labor and business. The third-world and developing countries will benefit this the most since they are the ones who owe the 1st world countries the most.

The negative impact is that, since there is no Globalization and trading, progress will be very slow especially in the technological aspect. You very well know that today, everything is dependent in technology.

Yes, you have it pretty close. Prices would skyrocket.

Other countries can produce certain goods at a higher quality and at lower cost, which makes it pointless for us to produce these goods ourselves (see 'comparative advantage').

Wages would also increase, but not as fast as rising prices (which is inflation). Real wages, then, would be lower.

Think about it: say your annual salary is $50,000 and you get a raise for next year of $2,500, which is 5% of your income. If inflation for the upcoming year is going to be 10%, are you going to be happy with the raise? Of course not! Because inflation is higher than your increase in salary, making you worse off.

I could demonstrate my above statements with graphs and charts, but I'm afraid I do not know how to do that on Yahoo! Answers.

Competition does keep the cost of things down. But, keeping stuff in our own country and not importing or exporting anything would keep people employed. Yes it could cause higher prices and higher wages. Its an interesting thought. I am sure someone who is very well versed in Economics could tell us all sorts of problems with doing this.

Economic disaster. We have to have a good balance of trade. There are procucts we have to export to keep our industries alive and provide jobs. Other items would be too expensive for us to produce and the prices would go up.

We'd have slipped into an alternate universe..... Because the reality of the human condition from the time he came out of the trees to the present is that conflict is inevitable.

kinda seems how things are now only, with all the foregn trade,investments and jobs..its not much left..eeven if it says made in america the oarts are from china most likely..

The U.S. would have no watches, very few cell phones, almost no consumer electronics of any kind but we would also have customer service representatives who speak English.