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33 Pages Complete Study Notes Year: Pre-2018

The global economy The Global Economy: Where the economies if individual countries are linked to each other and changes in a single economy can have ripple effects in others. Gross World Product (GWP): The sum of total output of goods and services by all economies in the world over a period of time Globalization: the increased integration between different countries and economies and the increased impact of international influences on all aspects of life and economic activity. Indicators of globalization o Trade in goods and services • High volume of trade highlights that economies cannot produce all the items they need or produce as efficiently as other economies • Grown significantly due to new technology in transport and communication, allowing decreased costs of import-ing and providing services to customers in distant markets • At the same time, Governments have encouraged trade by removing barriers such as tariffs and joining interna-tional and regional trade groups (WTO, EU, ASEAN) • Composition of trade: The mix of what goods and services are being traded can have an impact on individual economies • The direction of trade flows has changed in recent decades, with East Asia growing rapidly


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