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YEAR 12 TEXTBOOK INCLUDES: 1. The Global Economy2. Australia’s Place in the Global Economy3. Economic Problems and Issues 4. Economic Policies and Management• Short Answer, Extended Response and

Focus Questions• Chapter Summaries • Glossary and Index

YEAR 11 TEXTBOOK INCLUDES: 1. Introduction to Economics2. Consumers and Business3. Markets4. Labour Markets5. Financial Markets6. Government and the Economy• Short Answer, Extended Response and

Focus Questions • Chapter Summaries• Glossary and Index

YEAR 12 WORKBOOK INCLUDES: • HSC Economics Exam Technique

For all four topics there are:• 20 Multiple Choice Questions• 4 Short Answer Questions• 2 Extended Response Questions • 1 Extension Question• Suggested Answers and Solutions

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YEAR 11 WORKBOOK INCLUDES: • The Economist’s Toolkit

For all six topics there are:• 20 Multiple Choice Questions• 2 Short Answer Questions• 2 Extended Response Questions • 1 Extension Question• Suggested Answers and Solutions

for all Questions

ECONOMICS PACKAGES 2020The Textbooks follow the NSW Economics Syllabus and include updated statistics, economic conditions and policies

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Chapter 1: International Economic Integration © Tim Riley Publications Pty Ltd

8

Year 12 Economics 2020 © Tim Riley Publications Pty Ltd

THE GLOBAL ECONOMY AND ECONOMIC INTEGRATION

1. Define the term global economy.

2. Explain what is meant by international economic integration.

3. Why was global economic integration threatened by a trade war in 2018?

4. Using examples from Table 1.1, distinguish between the main forms of economic integration:

a free trade area; a customs union; a common market; and a monetary union.

5. Distinguish between the advanced economies and emerging and developing economies that

make up the world economy.

6. List the major advanced economies or Group of Seven (G7). Using the data from Table 1.2

comment on the importance of the G7 to world GDP and world exports in 2017.

7. List the major advanced economies in the Euro Area. Using the data from Table 1.2 comment on

the importance of the Euro Area to world GDP and world exports in 2017.

8. List the other major advanced economies (including the newly industrialised Asian economies).

Use the data in Table 1.2 to describe their importance to world GDP and exports in 2017.

9. Distinguish between the emerging and developing economies. Using the data from Table 1.3

discuss the importance of these economies to world GDP and world exports in 2017.

10. List the six geographic regions where emerging and developing economies are located.

11. How is global GDP or world output measured by the IMF in Purchasing Power Parity (PPP) terms?

12. Discuss the composition of world output in 2017 between advanced and emerging and

developing economies from Figure 1.1.

13. Discuss the composition of world output in 2017 by major countries and regions from Figure 1.2.

13. Using the data in Table 1.4 contrast the rates of GDP growth of major advanced and emerging

and developing economies between 2015 and the forecasts for 2018-19.

14. Start a glossary of terms by defining the following terms and abbreviations:

REVIEW QUESTIONS

advanced economiescommon marketcustoms uniondeveloping economies

economic integrationemerging economies

Euro Areafree trade areaglobal economyglobal investmentglobal tradegross world product

intra-industry tradeintra-regional trade

monetary unionnewly industrialised Asian economies

per capita income

world exportsworld GDPAFTAAPEC

ASEANCISEMU

EUG7

GDPGFC

GWPIMFNAFTANIE

OPECPPP

Review Questions

Chapter 1: International Economic Integration

© Tim Riley Publications Pty Ltd

6

Year 12 Economics 2020

© Tim Riley Publications Pty Ltd

Gross World Product purchasing power

parities

Figure 1.1

Figure 1.1: The Composition of World Output or GDP in 2017

Emerging and Developing Economies 58.7%Advanced Economies 41.3%

Source: IMF (2018), World Economic Outlook, April. GDPs are valued in Purchasing Power Parity (PPP) terms

Figure 1.2: The Shares of World Output in 2017

Other Emerging and Developing Economies 27.3%

Brazil 2.6%Russia 3.2%

India 7.4%China 18.2%

Other Advanced Economies 10.1%Japan 4.3%Euro Area 11.6%

United States 15.3%

Source: IMF (2018), World Economic Outlook, April.

Figure 1.2

© Tim Riley Publications Pty Ltd Year 12 Economics 2020

© Tim Riley Publications Pty Ltd Chapter 1: International Economic Integration 7

Table 1.4

Table 1.4

Figure 1.3

Figure 1.3: Global GDP Growth 2011 to 2019 (f)

Source: IMF (2018), World Economic Outlook (WEO), April.

% per annum

% per annum

Table 1.4: World GDP Growth 2015 to 2019 (f)

Country, Group or Region 2015 2016

2017 2018 (f) 2019 (f)

United States 2.9%

1.5% 2.3%

2.9% 2.7%

Euro Area 2.1%

1.8% 2.3% 2.4%

2.0%

Japan

1.4% 0.9% 1.7%

1.2% 0.9%

China

6.9% 6.7% 6.9%

6.6% 6.4%

Other East Asia 4.0%

4.1% 3.9% 4.0%

4.2%

India

8.2% 7.1% 6.7%

7.4% 7.8%

World

3.5% 3.2% 3.8%

3.9% 3.9%

Source: IMF (2018), World Economic Outlook, April. (f) forecast

Economic AnalysisClear Graphs and Tables

© Tim Riley Publications Pty Ltd

Year 12 Economics 2008

TOPI

C O

NE

The world economy recorded its fastest rate of GDP growth in 2017 at 3.8%. There was also

a substantial recovery in world trade and investment. According to the IMF’s World Economic

Outlook in April 2018, world growth was forecast to be 3.9% in both 2018 and 2019. The

major advanced economies were forecast to grow by 2.5% in 2018 with strong growth in the

USA (2.9%) and a recovery in the Euro Area (2.4%). The main downside risks are a tightening of

monetary policy in the USA and the intensification of a trade war between the USA, EU and China

after President Trump’s decision to raise tariffs on steel and aluminium imports in 2018.

The major emerging and developing market economies grew by 4.8% in 2017 and are forecast

by the IMF to grow by 4.9% in 2018 and 5.1% in 2019. China’s growth rate is expected to be

around 6.6% in 2018 and India’s at 7.4%. Russia is forecast to achieve 1.7% growth in 2018

and Brazil 2.3% as they sustain recoveries. Major factors affecting world growth prospects include

rising trade protectionism and continuing geopolitical instability in the Middle East and NE Asia.

EXAMINE ECONOMIC ISSUES

unemployment, rates of inflation and external stability;

THE GLOBAL

ECONOMY

TOPIC FOCUS

This topic focuses on the study of the operation of the global economy and the impact

of globalisation on individual economies.

Students should learn to examine the following economic issues and apply the following

economic skills in Topic 1 of the HSC course:

APPLY ECONOMIC SKILLS

interdependence;

bloc agreements; and

situations.

1Skills Outcomes

The Textbooks follow the NSW Economics Syllabus and include updated statistics, economic conditions, trends and policies.

The Workbooks include practice HSC style questions and answers.

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