Global Economy Part 1

Australia is engaged in trading relationships with countries all of the world true of false?

Which geographical region/area is Australia's predominate trading partner? (Hint: think continents)

Complete this sentence.

"All advance economies rely on trade as a means of generating __________ growth"

Complete this sentence.

"The flow of goods and services between countries, and the money flows that accompany this trade, have increased global ______________ between the trading countries’ household, business, financial and government sector".

Complete this sentence.

"The flow of goods and services between countries, and the money flows that accompany this trade, have increased global interdependence between the trading countries’ household, business, ____________ and government sector".

True of False.

The process of growing interdependence between countries is known as globalisation.

• False

• True

Globalisation provides the means for increased interaction between who?

• the consumers, producers, workers and governments in one country’s economy only

• the consumers, producers, workers and governments in one country’s economy with their counterparts in the economies of other countries.

• the consumers, producers and governments in one country’s economy with their counterparts in the economies of other countries.

• the consumers and producers in one country’s economy with their counterparts in the economies of other countries.

Most governments closed non-essential services do to the COVID-19 pandemic. Did this event impact globalisation?

• True

• False

Which country has the world's largest economy?

A recession is a macroeconomic term that refers to a significant decline in general economic activity in a designated region. It had been typically recognised as two consecutive quarters of economic decline, as reflected by GDP in conjunction with monthly indicators such as a rise in unemployment.

Which country holds the world record for longest uninterrupted economic growth