Global Economic Systems

Definition

Global economic systems refer to the interconnected network of economic activities and transactions that take place between countries and across borders. These systems involve the exchange of goods, services, and capital on a global scale.

Related terms

Multinational Corporations: These are large companies that have operations in multiple countries. Examples include Apple, Nike, and Coca-Cola.

Free Trade Agreements: These agreements establish trade relationships between countries by reducing or eliminating tariffs (taxes) on imported goods. An example is NAFTA (North American Free Trade Agreement).

Globalization: This term refers to the increasing interconnectedness of economies and cultures worldwide through exchanges of goods, ideas, and information.