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Evolution of Global Economies: Key Factors & Trends

Explore how economies evolve over time due to factors like outsourcing, trade alliances, service sector growth, and technological advancements in communication and transportation, impacting global markets.

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Evolution of Global Economies: Key Factors & Trends

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  1. Economic Geography How Economies Change Over Time WG.9c

  2. Economic Change • The economies of countries change over time for many reasons. A. Industrialized countries now export labor intensive work to developing countries because labor is cheaper.

  3. Economic Change • The growth of trade alliances has led to large trading blocks such as North America, Europe, Africa, and Southeast Asia. • Service industries such as banking, finance, tourism, healthcare, and marketing have grown.

  4. Economic Change • International banks and financial service networks have grown. • Companies are moving to international product assembly of vehicles and electronic equipment. • New technology that allows instant communication has changed financial markets (cell phones and internet)

  5. Economic Change • Modern transportation networks now allow rapid and efficient exchange of goods and materials (Federal Express, United Parcel Service, U.S. Postal Service) • Products are now marketed on a global scale.

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