Economics Notes: Economic Development

Topics: International trade, European Union, World Trade Organization Pages: 3 (761 words) Published: November 26, 2013
Economic Development - Changes in income, savings and investment along with progressive changes in socio-economic structure of country Economic Growth - Economic growth refers to an increase in the real output of goods and services in the country Globalisation refers to the integration between different countries and economies to operate as a single eco entity Can achieve eco growth by eco development

How to achieve eco dev?
Trade Patterns - What goods and services a country trades, with whom and what direction. Actually not that relevant
-China has emerged as an economic super-power. China's share of world trade has increased in all areas, and not just in clothing and low-tech goods. -They began market diversification - (launch of new products licensing of new technologies) -China's exports to developing countries was 9.1% in 1990 and rose to 16.9% in 2005. -In 1995, the US had captured nearly 25% of global trade in hi-tech goods, while China had only 3%. By 2005, the US share had fallen to 15%, while China's share had risen to 15%. -In the past 20 yrs China have almost tripled their share of the world eco and increased their eco size by 6 times. - Many millions of people have been lifted out of povo and they will live longer and be better connected to the world. Relevant

1. China and ASEAN create free trade bloc
2. two-way trade between ASEAN and China amounted to $US19.5 billion in 1995, rose to $57.6 billion in 2003 and hit $231 billion in 2008. China has supplanted the US as ASEAN’s third largest trading partner after Japan and the European Union (EU). 3. The combined population of the free trade bloc is 1.9 billion people and its combined GDP is $6 trillion.

*Investment and TNCs
TNCs are any corporation that operates in more than 1 country. They often have management headquarters in their home country and operate in host countries alongside.

TNCS provide a larger market for an economy. TNCs like Nike provide jobs for...
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