How much do you know about international trade and globalisation?

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is Gross World Product (GWP)?

The total value of all goods produced in a country each year.

The total value of all services produced in a country each year.

The total value of all goods and services produced worldwide each year. (correct)

The total value of all goods and services produced in a continent each year.

What is Gross World Product (GWP)?

Gross World Product (GWP) is the total value of all goods and services produced worldwide each year in the global economy, combining the GDP of all countries/economies.

What do the terms 'international trade' and 'globalisation' mean?

International trade refers to the sale of goods and services across national borders, while globalisation refers to the increasing economic integration and interdependency between national economies.

How has trade grown over the decades from US$6.2trillion in 1987 to US$43.8 trillion in 2018?

Trade has grown rapidly over the decades from US$6.2trillion in 1987 to US$43.8trillion in 2018, an increase of 125 times its 1960 level Signup and view all the answers

What factors have led to the increase in international trade and global economic integration?

Factors that have led to the increase in international trade and global economic integration include international trade in goods and services, international financial flows, international investment flows and TNCs, technology, transport and communication, and the movement of workers between countries. Signup and view all the answers

What are the benefits and drawbacks of an increasingly globalised economy?

The benefits of an increasingly globalised economy include increased access to resources, increased competition, increased investment opportunities, and increased access to new markets. Drawbacks include increased inequality, increased vulnerability to global economic downturns, increased risk of disruption from natural disasters, and increased risk of exploitation of workers and resources. Signup and view all the answers

Design a policy to better manage the effects of international trade and global economic integration.

A policy to better manage the effects of international trade and global economic integration should include measures to ensure fair and equitable trade, reduce inequality, strengthen economic resilience, increase access to resources, protect labour rights, and promote sustainable development. Signup and view all the answers

What does international trade refer to?

The sale of goods and services across national borders. Signup and view all the answers

What does globalisation refer to?

Increasing economic integration between national economies. Signup and view all the answers

How much has trade grown from 1987 to 2018?

US$6.2 trillion to US$43.8 trillion Signup and view all the answers

What are the factors that have led to the increase in international trade and global economic integration?

All of the above Signup and view all the answers

What are the benefits of an increasingly globalised economy?

All of the above Signup and view all the answers

What are the drawbacks of an increasingly globalised economy?

All of the above Signup and view all the answers

What should a policy to better manage the effects of international trade and global economic integration ensure?

All of the above Signup and view all the answers

What is the definition of international investment flows?

The movement of money between countries for investment purposes. Signup and view all the answers

What is the definition of TNCs?

Transnational Corporations Signup and view all the answers

What is the definition of economic resilience?

The ability of an economy to withstand and recover from shocks and crises. Signup and view all the answers

Study Notes

Gross World Product (GWP) is the total value of all goods and services produced worldwide each year.
International trade refers to the sale of goods and services across national borders.
Globalisation refers to increasing economic integration and interdependency between national economies.
Trade has grown rapidly from US$6.2trillion in 1987 to US$43.8trillion in 2018.
Factors that have led to the increase in international trade and global economic integration include international trade in goods and services, international financial flows, international investment flows and TNCs, technology, transport and communication, and the movement of workers between countries.
Benefits of an increasingly globalised economy include increased access to resources, competition, investment opportunities, and new markets.
Drawbacks of an increasingly globalised economy include increased inequality, vulnerability to global economic downturns, disruption from natural disasters, and exploitation of workers and resources.
A policy to better manage the effects of international trade and global economic integration should ensure fair and equitable trade, reduce inequality, strengthen economic resilience, increase access to resources, protect labour rights, and promote sustainable development.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Description

Test your knowledge on international trade and globalisation with this informative quiz! From the Gross World Product to the benefits and drawbacks of an increasingly globalised economy, this quiz covers key concepts and factors that drive the global economy forward. Learn about the factors that have led to the increase in international trade, the benefits and drawbacks of globalisation, and the policies that can better manage the effects of global economic integration. Put your economic knowledge to the test and take this quiz today!