Explain How Has Globalisation Changed Over The Past 30 Years

Trade Research Report- World Trade Relationships

Name: Ella Sauzier

Due Date: Monday 11th of June

Research Questions:

• What is globalisation? How has globalisation changed over the past 30 years, and what has led to these changes? (6 marks)

• Explain the difference between Imports and Exports. Where do imports and exports fit in the circular flow model? (Must include a circular flow model diagram) (5 marks)

• What was the value of Australia’s top 10 exports and imports for 2016-17? (2 marks)

• What are Australia’s top 10 exports and top 10 imports for 2016-17? Give reasons why Australia exports and imports these types of goods. (6 marks)

• Discuss the trade relationship Australia had with China. How has this relationship changed over the

Imports and exports fall into the overseas sector of the circular flow model. The overseas sector is concerned with international trade between the countries around the globe. Imports refer to one country receiving goods that they do not have, in exchange for the other country receiving money for providing these goods. Exports refer to a country sending goods to another country in exchange for receiving money from the country receiving the goods. People often think that imports are injections and exports are leakages, however this is not true. Imports are leakages as when a country imports goods money is leaving their economy as they must pay to import the goods. As exports are injections, this is as when a country exports goods they are receiving money that will enter the economy. Leakages refer to money leaving a countries economy. On the contrary, injections refer to money entering a countries

- Economics Help. (n.d.). Retrieved from https://www.economicshelp.org/blog/401/trade/what-caused-globalization

• Circular Flow Model and Economic Activity - ppt video online download. (2017, July 29). Retrieved from http://slideplayer.com/slide/9431899/

• Top Goods and Services. (2014, October 10). Retrieved from http://dfat.gov.au/trade/resources/trade-at-a-glance/Pages/top-goods-services.aspx

• Australia's relationship with China explained. (2012, November 14). Retrieved from https://www.youtube.com/watch?v=g0OmULL3EX4

• China-Australia bilateral trade grow considerably. (2017, March 22). Retrieved from https://www.youtube.com/watch?v=6PE9mG7o4O8

• China & Australia to sign free trade agreement. (2014, November 16). Retrieved from https://www.youtube.com/watch?v=CpNq5Qu3VUc

• Australia’s economic relationships with China – Parliament of Australia. (n.d.). Retrieved from https://www.aph.gov.au/About_Parliament/Parliamentary_Departments/Parliamentary_Library/pubs/BriefingBook44p/China

• Brexit, Trump and the TPP mean Australia should pursue more bilateral trade agreements. (n.d.). Retrieved from