HASS - Economic Concepts + Australian Economy

Revision for test.

How does physical geography impact global connectivity?

Physical geography such as mountains, ocean/seas and deserts can create barriers for communication, transportation and global trade. However, some physical geography such as rivers and mountain passes can help and aid in making it easier to communicate, transport and trade globally.

What is the role of people in connecting globally?

People play a crucial role in connecting globally by sharing information, ideas, and culture through various means such as social media, communication technologies, and travel. They also facilitate the exchange of goods and services, which helps to create a global economy. Additionally, people can promote global cooperation and understanding by participating in international organizations and events.

How does technology influence how we connect globally?

Technology has made it easier for people to connect globally through various means such as social media, video conferencing, and instant messaging. It has also made it possible for businesses to expand their reach and connect with customers from different parts of the world. However, it has also led to concerns about privacy and security, as well as the potential for technology to create a digital divide between those who have access to it and those who do not.

What are some ways we can connect globally through trade, food and sport?

Trade allows us to exchange goods and services with people from different countries, creating economic connections. Food is a universal language that brings people together and allows us to experience different cultures. Sport also unites people from different backgrounds and promotes teamwork and friendly competition.

What is the role of people in connecting globally?

People are important in connecting with others from different cultures. They can help us understand and respect each other, and share ideas and information across borders. By working together and talking to each other, we can make the world a more connected and peaceful place.

What are the benefits and drawbacks of global trade? Find 3 benefits with supporting evidence and 3 drawbacks with supporting evidence

Answer:
Benefits:


1. Increased economic growth: Global trade promotes economic growth by creating new markets and increasing competition. (Source: World Bank)
2. Access to a wider variety of goods: Global trade allows consumers to access a wider variety of goods at lower prices. (Source: International Trade Administration)
3. Job creation: Global trade creates jobs in industries that export goods and services. (Source: United Nations Conference on Trade and Development)

Drawbacks:


1. Job loss: Global trade can lead to job loss in industries that cannot compete with cheaper imports. (Source: Economic Policy Institute)
2. Environmental impact: Global trade can lead to increased carbon emissions and environmental degradation due to transportation of goods. (Source: World Wildlife Fund)
3. Dependence on other countries: Global trade can make countries dependent on other countries for essential goods, which can be a risk during times of political instability. (Source: Council on Foreign Relations)

What are the 5 types of economic