Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
5 Cards in this Set
- Front
- Back
|
Definition: The global economy
|
The sum of the interactions between the economies of individual countries that are now increasingly linked together in one economic unit
|
|
|
Definition: Gross World Product (GWP)
|
The total gross national production of all the countries in the world
|
|
|
Definition: Globalisation
|
Increased integration and interconnectedness of economies around the world
|
|
|
Characteristics of Globalisation:
|
LIFTIT: Labour, Investment, Financial, TNCs, International Business Cycle, Trade
|
|
|
Changes in the size, pattern and direction of trade and investment
|
Trade:
-Volume of world trade has grown to 33 times its 1950 level -Consistently twice the level of world economic growth -Direction of trade shifted from high-income economies (11% drop in global trade) to growing economies esp. in East Asian and Pacific region (7% increased to 12%) Investment: -FDI increased x7 since 1990-2006 from US$201bn to US$1.3trillion -2006, 66% of world's FDI have been receive by high income earners in the OECD |
