Globalisation (HSC SSCE Economics): Flashcards
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Globalisation
Globalisation
Increasing integration & interdependence of national economies
Five key indicators of globalisation
Five key indicators of globalisation
Trade, financial flows, investment/TNCs, tech/transport, migration
Gross World Product (GWP)
Gross World Product (GWP)
Sum of total output by all economies worldwide over a period
Global trade value growth (1990 to 2022)
Global trade value growth (1990 to 2022)
4.3 trillion USD to 27.9 trillion USD
Most globalised sector
Most globalised sector
Finance (money moves fastest between countries)
Foreign Direct Investment (FDI)
Foreign Direct Investment (FDI)
Movement of funds to buy 10%+ shares or establish new company
TNCs' share of global trade
TNCs' share of global trade
Roughly half of global trade
WTO member countries
WTO member countries
164 member countries
Migrant workers globally
Migrant workers globally
164 million (approx. 2% of world population)
Comparative advantage
Comparative advantage
Specialise in goods/services produced at lowest opportunity cost