what does it mean to live in a global economy

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  1. profile image48
    mrs.lanierposted 10 years ago

    what does it mean to live in a global economy

  2. dabeaner profile image60
    dabeanerposted 10 years ago

    It means that if you are in a "first world" economy, your living standards will drastically decline, while if you are in a "third world" or perpetually undeveloped or "developing" country, your living standards will rise modestly only, if at all.

    1.5 billion * 10 sol + 5.5 billion * 2 sol = 26 billion sol

    26 billion sol / 7 billion = 3.7 sol

    So first world reduced from 10 down to 3.7
    Third world raised from 2 up to 3.7

    (sol = relative standard of living estimate)

    Note 1:  This is just a "back of the envelope" estimate, but if you paid attention to algebra back in middle school, you should understand what I wrote.

    Note 2:  As population increases and resources are depleted, all sol will decline.

    Note 3:  Your rulers, even in the "third world" or perpetually undeveloped or "developing" countries, will still have their palaces, mansions, air-conditioned limos, etc., while encouraging you to sacrifice and "live green".

  3. Wayne Brown profile image84
    Wayne Brownposted 10 years ago

    In a global economy as in any economy, all the parts are somewhat interdepent and interactive.  If things go sour, it tends to have that same effect on a broad basis and vice versa.  Then you get into the varying levels of regulation from the different governments involved and the argument soon surfaces that it is not possible for a true global economy to exist until the world comes under a global governing body.  Hopefully that will never happen but there are those who would argue for it, they are normally referred to as socialist.  WB

  4. Research Analyst profile image83
    Research Analystposted 10 years ago

    The global economy 2010 is one that is going through a lot of changes financially that will affect consumerism. People are spending less money and trying to find assets to invest their income so as to get a higher return. Lost of jobs makes is easier for people to downsize and live in smaller dwelling spaces as well as the use of public transportation. the biggest impact on the global economy will be the small businesses that are created to help with providing products and services at a lower cost.

  5. pramodgokhale profile image41
    pramodgokhaleposted 6 years ago

    Global economy and system under single roof is romantic idea  and country to country different political system and governance will make it more complicated.
    Human greed and racial differences are here to stay. We wait till next millennium


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