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HSC Economics The Global Economy Notes

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This is a very concise yet comprehensive overview of The Global Economy section of HSC Economics. Key points are highlighted and an abundance of useful statistics are provided.

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14 Pages Partial Study Notes > 2 Years old
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HSC Economics The Global Economy Notes
Topics this document covers:
Economy International trade International business Export Economic integration Free trade Competitiveness Globalization Protectionism Trade bloc Association of Southeast Asian Nations BRIC
This is a Partial Set of Study Notes

Partial Study Notes typically cover only single topics of a unit of study or do not cover multiple topics in significant detail. They are generally less than 20 pages in length.

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Topics this document covers:
Economy International trade International business Export Economic integration Free trade Competitiveness Globalization Protectionism Trade bloc Association of Southeast Asian Nations BRIC
Sample Text:
It consists of all the countries in the world that produces goods and services and contributes to the Gross World Product (GWP). It includes all labour, investment, financial flows, technology, production and trade occurring in and between nations. Because of technology, nations have been more closely linked into the global economy. Gross World Product GWP is the total gross national product of all countries over a given period of time e.g. in 2010 US produced 20% of world output, China 14%. It has increased ninefold since 1950s. Globalisation Globalisation refers to the increasing economic and financial integration of economies around the world. The main drivers of globalisation are: 1. The power of technology – • Technology spreads quickly as they are developed -> made the world smaller. 2. Cost benefits from global production – • Businesses can produce...
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