Podcast
Questions and Answers
What is Gross World Product (GWP)?
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)?
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?
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?
How has trade grown over the decades from US$6.2trillion in 1987 to US$43.8 trillion in 2018?
What factors have led to the increase in international trade and global economic integration?
What factors have led to the increase in international trade and global economic integration?
What are the benefits and drawbacks of an increasingly globalised economy?
What are the benefits and drawbacks of an increasingly globalised economy?
Design a policy to better manage the effects of international trade and global economic integration.
Design a policy to better manage the effects of international trade and global economic integration.
What does international trade refer to?
What does international trade refer to?
What does globalisation refer to?
What does globalisation refer to?
How much has trade grown from 1987 to 2018?
How much has trade grown from 1987 to 2018?
What are the factors that have led to the increase in international trade and global economic integration?
What are the factors that have led to the increase in international trade and global economic integration?
What are the benefits of an increasingly globalised economy?
What are the benefits of an increasingly globalised economy?
What are the drawbacks of an increasingly globalised economy?
What are the drawbacks of an increasingly globalised economy?
What should a policy to better manage the effects of international trade and global economic integration ensure?
What should a policy to better manage the effects of international trade and global economic integration ensure?
What is the definition of international investment flows?
What is the definition of international investment flows?
What is the definition of TNCs?
What is the definition of TNCs?
What is the definition of economic resilience?
What is the definition of economic resilience?
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.
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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!
