How much do you know about international trade and globalisation?

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

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.

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.

<p>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</p> Signup and view all the answers

<p>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.</p> Signup and view all the answers

<p>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.</p> Signup and view all the answers

<p>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.</p> Signup and view all the answers

<p>The sale of goods and services across national borders.</p> Signup and view all the answers

<p>Increasing economic integration between national economies.</p> Signup and view all the answers

<p>US$6.2 trillion to US$43.8 trillion</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

<p>All of the above</p> Signup and view all the answers

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

<p>Transnational Corporations</p> Signup and view all the answers

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