HSC ECONOMIC TEXT BOOK..TOPIC 1 SUMMARIES

HSC Economic Topic One Summary globalisation refers to the attach economic integrating amidst countries pencil lead to the emergence of a global trade place to a single market, where countries are becoming progressively linked by common technologies and the customization of goods and map marketed and distributed on a global rather than depicted prey base Gross ball Product is defined as the total market value of good and run produced by all countries at a given time Futures of Globalization - change magnitude trade in good and services between nations, leading to a add-on in World Gross Product - The consolidation of topic fiscal systems to get to a macrocosm system - engineering plays a great role in linking trade between nations - Internationalization of project - Rapid liberalization of the global trading environment - increase importance of TNC, where increasing conducting trade and investment across national boundaries - Increased importance of global or iginations eg. WTO, IMF The main drivers of globalization atomic number 18 technology, economic liberalization and consumerism The major cost of globalization is that demur of international controls over capital investments which evoke lead to destabilizing jibe and the volatility of short term capital flow. This has lead to the increase scope for contagion where a crisis in one monetary market or delivery spreads to others causing regional and truehearted global stability eg.

The Asian financial crisis in 1997 dickens types of shocks can be transmitted from the international economy to the domestic econo my: - Real shock refers to changes in real v! ariables including world output, commodities outlay and technological change eg. oil which caused stagflation(inflation and unemployment occur at very(prenominal) time) - Financial or monetary shock refers to changes in financial variables. Such as international share prices. Financial shocks are transmitted more quickly than real shocks through changes in asset price and... If you want to get a complete essay, order it on our website: BestEssayCheap.com

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