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We live in an interdependent global economy - Leaving Cert Geography - Question 14 - 2009
Question 14
We live in an interdependent global economy. Actions or decisions taken in one area have an impact on other areas. Discuss.
Worked Solution & Example Answer:We live in an interdependent global economy - Leaving Cert Geography - Question 14 - 2009
Step 1
Identify aspects of global interdependence
Answer
In our interconnected global economy, actions and decisions in one region can have far-reaching effects on others. For instance, a financial crisis in one country can lead to decreased investments in others, showcasing economic interdependence. Moreover, supply chain disruptions in one area can affect production capabilities globally.
Step 2
Discuss the impact of global trade policies
Answer
Changes in trade policies, such as tariffs or trade agreements, can significantly influence global markets. For example, if a major economy imposes tariffs, it can result in retaliatory measures from other nations, impacting global trade dynamics and economic relationships, ultimately affecting consumers and businesses worldwide.
Step 3
Examine environmental actions and their global repercussions
Answer
Environmental decisions in one country, such as legislation on carbon emissions, can impact global climate change efforts. For example, the commitment of one nation to reduce emissions may encourage others to follow suit, demonstrating a ripple effect in ecological policies that addresses climate change on a global scale.