World economies refer to the collective economic systems existing across various nations around the globe. These economies are characterized by production, consumption, distribution, and exchange of goods and services within their respective borders.
Related terms
Trade Liberalization: This refers to the removal or reduction of barriers such as tariffs or quotas on international trade. It promotes free movement of goods and services between countries.
Economic Interdependence: It describes how economies rely on each other for resources, markets, investment opportunities, technology transfer, etc. A change in one nation's economy can have ripple effects on others.
Gross Domestic Product (GDP): GDP is the total value of goods and services produced within a country over a specific period. It serves as an indicator of economic growth and development.