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    The Contemporary World

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    JayArt Amogis TemPoral
    The document discusses several topics related to the global economy and economic systems. It defines the world economy as the international exchange of goods and services expressed in monetary units. It describes the four main types of economic systems - traditional, command, market, and mixed - and how market, mixed, and command allocation works. It also discusses factors driving globalization like technology, resources, and political and historical factors. It lists claims of market globalism and factors affecting globalization.

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    © All Rights Reserved
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    The Contemporary World

    Uploaded by

    JayArt Amogis TemPoral
    104 views3 pages
    The document discusses several topics related to the global economy and economic systems. It defines the world economy as the international exchange of goods and services expressed in monetary units. It describes the four main types of economic systems - traditional, command, market, and mixed - and how market, mixed, and command allocation works. It also discusses factors driving globalization like technology, resources, and political and historical factors. It lists claims of market globalism and factors affecting globalization.

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    THE CONTEMPORARY WORLD

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    The document discusses several topics related to the global economy and economic systems. It defines the world economy as the international exchange of goods and services expressed in monetary units. It describes the four main types of economic systems - traditional, command, market, and mixed - and how market, mixed, and command allocation works. It also discusses factors driving globalization like technology, resources, and political and historical factors. It lists claims of market globalism and factors affecting globalization.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    104 views3 pages

    The Contemporary World

    Uploaded by

    JayArt Amogis TemPoral
    The document discusses several topics related to the global economy and economic systems. It defines the world economy as the international exchange of goods and services expressed in monetary units. It describes the four main types of economic systems - traditional, command, market, and mixed - and how market, mixed, and command allocation works. It also discusses factors driving globalization like technology, resources, and political and historical factors. It lists claims of market globalism and factors affecting globalization.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    THE CONTEMPORARY WORLD

     WORLD ECONOMY
    The world economy or global economy is the economy of the humans of the world, considered as the
    international exchange of goods and services that is expressed in monetary units of account. In some
    contexts, the two terms are distinct “international” or “global economy” is simply an aggregate of the
    separate countries measurements. Beyond the minimum standard concerning value in production, use
    and exchange the definitions, representation, models and valuations of the world economy vary
    widely. It is inseparable from the geography and ecology of earth.

    How does world economy work?


    Wealth is created in the global economy when two market with competitive advantages engage in
    trade. The USA is in unique position in global trade because of its dollar hegemony. Many countries
    will run trade surpluses with the US because they want dollar.
    What are the worlds largest economies?
    The largest economies in the world
    The three largest economies in the world as measured by nominal GDP( Gross Domestic Product )
    Are United States, China, and Japan.

     ECONOMIC SYSTEM
    What is economic system?
    Are the means by which countries and governments distribute resources and trade goods and services.
    They are used to control the five factors of production, including; labor, capital, entrepreneurs,
    physical resources and information sources.
    What is economic system in simple words?
    An economic system is an man made and malleable system to regulate the production, resources
    allocation, exchange, and distribution of good and services in a society or a geographic area.

    THE FOUR TYPES OF ECONOMIES


    1. TRADITION ECONOMIC BALANCE - the most traditional and ancient types of economies in the
    world.
    2. COMMAND ECONOMIC SYSTEM - a large part of the economic system is controlled by a centralized
    power
    3. MARKET ECONOMIC SYSTEM- in a free market economy, firms and households act in self-
    interest to determine how resources get allocated, what goods get produced and who buys the goods.
    4. MIXED ECONOMIC SYSTEM- is a combination of different types of economic system. This
    economic system is a cross between a market economy and command economy
    5. CAPITALIZED ECONOMY-

     MARKET ALLOCATION
    Market allocation or market division schemes are agreement in which competitors divide markets
    among themselves. In such schemes, competing firms allocate specific customers or types of customers,
    products, or territories among themselves.

     MIX ALLOCATION
    A mixed allocation uses any combination of fixed percentages, fixed factors, and dynamic factors. You
    might want to use a mixed allocation when a portion of the allocation has fixed percentage applied to
    it and other parts of the allocation vary based on some factor.

     COMMAND ALLOCATION
    A command economy is a system where the government, rather that the free market, determines what
    goods should be produced , and the price at which the goods are offered for sale. It also determines
    investments and income. The command economy is a key feature of any communist society.
    What is command as an allocation mechanism?
    A difficulty with the “command” allocation mechanism
    It argues that the command mechanism is unable to control the stochastic system, causing unexpected
    shocks to accumulate, disrupting the production process and leading to increasing divergence between
    plan and performance.

     MARKET GLOBALISM
    Market globalism reflect the concepts of globalization with neoliberal values and meanings. Neo-liberal
    is a form of liberalism which favours free market capitalism.
    Is market globalism an ideology?
    Market globalism advocates promise a consumerist, neoliberal, free market world . This ideology is
    held by many powerful individuals, eho calaim it transmit democracy and benefit everyone.
    However, it also reinforces inequality, and can be politically motivated.
    What is an example of globalism?
    One example of economic globalization is low wage production in Asia for the united states and
    European markets. Economic floes, market and organization as in multinational firms all together.

     CLAIMS MARKET
    Is a service provided by cherokee debt Acquisition, LLC. Buyers acknowledge that claims market
    has entered into a seller agreement with each seller whose claims are offered for sale on the site
    granting claims are offered for sale on the site granting claims market the exclusive right to sell
    their claims for at least ten business days.

    CLAIMS OF MARKET GLOBALISM


    Claim 1: Globalization is about the liberalization and global integration of markets.
    Claims 2: Globalization is inevitable and irreversible.
    Claims 3: Nobody is in charge of globalization.
    Claims 4: Globalization benefits everyone.
    Claims 5: Globalization further the spread of democracy in the world.

    ASSIGNMENTS! 6 CLAIMS MARKET


    MARKET GLOBALISM

    FACTORS THAT AFFECT GLOBALIZATION


     ECONOMY- cost of goods and services to the end user
     HISTORICAL- were made over the years so that the goods from one country move one
    another.
     RESOURCES AND MARKETS- natural resources like minerals, coal, oil, human resources,
    water etc.
     PRODUCTION ISSUES-
     INDUSTRIAL ORGANIZATION- the technological development in the area of production,
    product mix and firms are helping organisation to expand their operation
     POLITICAL-process as per political leaders 0f nation.
     TECHNOLOGIES-particular field gives rise to import or export of product or services to
    other country.
    THREE INTERRELATED FACTOR OG GLOBALIZATION
    PROXIMITY-
    LOCATION- an organization operations across several international boundaries is a part of
    globalization.
    ATTITUDE-

    ADVANTAGES and DIS ADVANTAGES OF GLOBALISATION


    TYPES OF EXAM: INMURATION, T OR F, OBJECTIVE OR SUBJECTIVE
    60 ITEMS

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