contemp

Question 1

Process or system by which goods and services are produced, sold, and bought in a country or region.

Answer 1

economy

Question 2

Economies of countries are more connected from extraction, production, distribution, consumption and disposal of goods and services.

Answer 2

global economy

Question 3

refers to the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and service, flow of international capital and wide and rapid spread of technologies

Answer 3

Economic Globalization

Question 4

seeks to shield a country’s industries from foreign competition by implementing measures such as tariffs, quotas, and subsidies.

Answer 4

PROTECTIONISM

Question 5

refers to the removal or reduction of trade barriers such as tariffs, quotas, and regulations between countries.

Answer 5

2. Trade Liberalization

Question 6

After World War II, global policies shifted from protectionism to trade liberalization.
* Advances in transportation and communication enabled goods, services, and ideas to move across borders more easily.

Answer 6

Post-World War II Shift

Question 7

Mobile phones are seen as transformative tools for reducing poverty.
* They provide access to banking, payments, and other services, particularly in developing countries.
* According to economist Jeffrey Sachs, mobile technology has a significant impact on improving livelihoods worldwide

Answer 7

Role of Mobile Phones in Economic Development