(t1) international economic integration

Question 1

define the global economy

Answer 1

where the economies of individual countries are linked to each other and changes in a single economy can have ripple effects on others

Question 2

define gross world product (GWP)

Answer 2

the sum of the total output of G&S by all economies in the world over a period of time

Question 3

define globalisation

Answer 3

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

Question 4

% of manufacturing in the composition of global trade, 1995 compared to 2022

Answer 4

1995 - 61%
2022 - 55%

Question 5

changes in the share of world’s exports by region, 1995 compared to 2022

Answer 5

1995 - 85% high income, 6% east asia and pacific
2022 - 64% high income, 20% east asia and pacific

statement: compared to 1995, the share of East Asian and Pacific regions of the world’s exports significantly increased from 6% in 1995 to 20% in 2022

Question 6

factors of globalisation

Answer 6

• international trade in G&S
• international financial flows
• international investment flows and transnational corporations
• technology, transport, and communication
• the movement of workers between countries

Question 7

what is the most globalised sector in the world and why?

Answer 7

international financial flows due to the way money moves between countries faster than G&S and people