eco topic 1

Question 1

Define globalisation

Answer 1

The integration between different countries and economies and the increased impact of international influences on all aspects of life and economic activity.

Question 2

Define economic integration

Answer 2

The liberalisation of trade between two or more countries or many countries within a region.

Question 3

Define global economy

Answer 3

Refers to the fact that individual economies are becoming increasingly linked with each other economically; changes in a single economy can have ripply effects on other economies.

Question 4

Characteristics of advanced economies (39)

Answer 4

1. high levels of economic development
2. per capita income over US$30,000 pa
3. market based free enterprise economic systems