APEX APES 9.1.4 The Global Economy

goods

Objects that satisfy someone's needs and desires.

services

Acts or types of work done for someone else, usually for pay.

globalization

The process by which people and nations around the world become more interconnected through communication, trade, and the exchange of ideas.

international trade

The exchange of goods, service, and money between countries, and the laws that govern the process.

carbon footprint

An indication of the amount of carbon dioxide the activities of a person, process, or other entity produce.

Similarities between goods and services

1. Both are things people need or want 2. Both are part of the economy.

Differences between goods and services

A good is an object and a service is an act/work done.

Why is the issue of the Somali fishers-turned-pirates complex?

It is complex because the Somali pirates are not only doing it to protect their fish, but they also are doing it to make money. They know that their government is unstable and therefore will not be able to protect their resources from illegal international fishing. To deal with this issue, the government would have to be stabilized before any actions could be taken.

Why is the rate of globalization increasing?

It is increasing because of social media.

As the global economy grows, countries become more interconnected. How does that cause countries to affect one another?

The country's economies will begin experiencing good and bad economic effects from the other countries involved.

As the human population grows and demand for energy increases, how do you think the amount of fracking will be affected?

The amount of fracking will increase alongside the human population.

How do you think an individual's awareness of his or her carbon footprint could affect the environment?

This would have a positive impact on the environment. The more aware we are of our impact on the environment, the better.

What economic impact is likely following the 2015 Paris agreement?

The richest countries will have to give some funds to the poorest countries to help them reach their requirements and make improvements. This will positively impact the poorer countries and negatively impact the richer countries economically.

What factors have to be considered when making decisions about energy solutions?

1. Cost 2. People's opinions 3. Environmental impact 4. Source of resources