the world economy or global economy is the economy of the humans of the world, considered as the international exchange of goods and services that is expressed in monetary units of account. in some contexts, the two terms are distinct "international" or "global economy" being measured separately and distinguished from national economies while the "world economy" is simply an aggregate of the separate countries' measurements. beyond the minimum standard concerning value in production, use and exchange the definitions, representations, models and valuations of the world economy vary widely. it is inseparable from the geography and ecology of earth.
it is common to limit questions of the world economy exclusively to human economic activity and the world economy is typically judged in monetary terms, even in cases in which there is no efficient market to help valuate certain goods or services, or in cases in which a lack of independent research or government cooperation makes establishing figures difficult. typical examples are illegal drugs and other black market goods, which by any standard are a part of the world economy, but for which there is by definition no legal market of any kind.
however, even in cases in which there is a clear and efficient market to establish a monetary value, economists do not typically use the current or official exchange rate to translate the monetary units of this market into a single unit for the world economy since exchange rates typically do not closely reflect worldwide value, for example in cases where the volume or price of transactions is closely regulated by the government.
antonio luna de san pedro y novicio ancheta (spanish: [anˈtonjo ˈluna] : 29 october 1866 – 5 june 1899) was a filipino army general who fought in the philippine–american war.
regarded as one of the fiercest generals of his time, he succeeded artemio ricarte as chief of staff of the armed forces of the philippines. he sought to apply his background in military science to the fledgling army. a sharpshooter himself, he organized professional guerrilla soldiers later to be known as the "luna sharpshooters" and the "black guard". his three-tier defense, now known as the luna defense line, gave the american troops a hard campaign in the provinces north of manila. this defense line culminated in the creation of a military base in the cordillera.[1