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The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services.
An economic system, or economic order, [1] is a system of production, resource allocation and distribution of goods and services within a society. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.
Economic globalization refers to the widespread international movement of goods, capital, services, technology and information. It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital ...
These likes and tastes are greatly influenced by culture, as this is the most basic cause for a person's wants and behavior. The concept of one's own culture is now in a period of change due to globalization. Also, globalization has increased the interdependency of political, personal, cultural, and economic factors. [102]
Regional economic geography examines the economic conditions of particular regions or countries of the world. It deals with economic regionalization as well as local economic development. Historical economic geography examines the history and development of spatial economic structure. Using historical data, it examines how centers of population ...
In economics, structural change is a shift or change in the basic ways a market or economy functions or operates. [1]Such change can be caused by such factors as economic development, global shifts in capital and labor, changes in resource availability due to war or natural disaster or discovery or depletion of natural resources, or a change in political system.
Models include simple theoretical models, often containing only a few equations, used in teaching and research to highlight key basic principles, and larger applied quantitative models used by e.g. governments, central banks, think tanks and international organisations to predict effects of changes in economic policy or other exogenous factors ...
International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of different countries ...