Introduction to the Global Economy (HSC SSCE Economics): Flashcards

National economies deeply interconnected

Integration between countries and economies

Changes in one country affecting multiple nations

Sum of total output by all economies worldwide

Often exceeds 50% of annual economic output

Trade, financial flows, investment, tech/transport, workers

Low trade growth, increased restrictions, rising tensions

Reforming globalisation to work better, managing challenges

Trade 12x, GWP 9x - trade grew faster than output

1990: 19% of GWP; 2022: 29% of GWP