Describe the main features of the global economy and examine the nature and extent of interdependence
The global economy is used to describe the ability of the world to satisfy the needs and wants of the population. ... The global economy is characterised by the interaction of S and D of goods, services, resources and finance across national borders. In this sense, the global economy can be measured by the Gross World Product – the aggregate value of all g + s produced in all countries in a given period of time. ... Also, with a global economy must come some form of regulatory body. The development of multilateral bodies such as the UN, WTO, WB and IMF demonstrate the need to impose order over global economic transactions. A key feature of the global economy is the increase in trade of g + s around the world. ... For nations to benefit from increased trade and interdependence, there is a need for reduced levels of global protection.