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All the economies in the world are like a whole, increasingly linked.
• The aggregate value of all goods and services produced in the world each year in the global economy is Gross World Product (GWP).
• When conditions in the global economy change, these changes have an impact on the economies of far flung countries immediately.
• Major economic developments can have impacts across the world. E.g. the Great Depression had a global impact with countries experiencing a severe economic downturn.
• Economies are now more closely integrated than at any previous time. Linkages between economies are stronger and more far reaching than before...
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