GE007: The Global Economy (W2)

Economy

a system of production, consumption, and exchange of goods/services within a region or nation

Economy

a system of making and trading things of value

Global Economy

The economy of our planet. All the economies added up

Global Economy

The ____________is the interconnected system of all the national economies working together. It describes how countries interact with one another through trade, finance, and technology

Global Economy

The economy of the world is seen as a whole. A world comprising economically interdependent nations

17 Sustainable Development Goals

Designed to balance social, economic, and environmental sustainability to achieve a better world by 2030

Goal 1: No Poverty

Focusing on ending poverty and ensuring access to essential services

Goal 8: Decent Work and Economic Growth

Promotes sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all.

Goal 9: Industry, Innovation, and Infrastructure

Focuses on building resilient infrastructure, promoting sustainable industrialization, and fostering innovation.

Goal 10: Reduced Inequalities

Aims to reduce inequality within and among countries. Seeking to lessen income disparities

Goal 12: Responsible Consumption and Production

Ensures sustainable consumption and production patterns. Promoting efficient resource use.

Goal 17: Partnerships for the Goals

emphasizing international cooperation and financial support for development.

Economic globalization

the process of increasing integration between nations through trade, capital flows, technology, and labor, driven by innovation and reducing barriers.

Economic Globalization

the increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and wide and rapid spread of technologies

Economic Globalization

It reflects the continuing expansion and mutual integration of market frontiers, and is an irreversible trend for the economic development in the whole world at the turn of the millennium

Protectionism

policy of protecting domestic industries against foreign competition by means of tariffs, subsidies, import quotas, or other restrictions or handicaps placed on the imports of foreign competitors.

Trade Liberalization

The removal or reduction of restrictions or barriers on the free exchange of goods between nations.

Global/International Trade

the exchange of goods and services between countries