4.1.3 Factors Contributing To Increased Globalisation

Question 1

Globalisation

Answer 1

the economic integration of different countries through increasing freedoms in the cross-border movement of people, goods/services, technology & finance

Question 2

Commodities

Answer 2

Raw materials traded from one country to the next

Question 3

Key features of globalisation

Answer 3

-multicultural society (sharing + merging of cultures)
-flow of capital between countries
-goods + services traded throughout the world
-collaboration between countries such as interchange of tech + intellectual property

Question 4

Transport + communication

Answer 4

Networks have improved significantly making sharing of data faster + transportation of goods cheaper
People can reach parts of globe much faster + more cheaply than ever before

Question 5

Migration

Answer 5

Temporary/permanent movement of people around the globe
Approx 3% of peeps in world live outside their country of birth
Leads to cultures being imported so demand for new product increase

Question 6

Trade barriers

Answer 6

There has been gradual reduction in levels of trade barriers across globe + growth of trade blocs such as eu

Question 7

Transnational companies

Answer 7

Growth of huge multinational corporations that have investments + operations on most continents bring familiar products + services to countries across the globe
E.g bp, Toyota, Vodafone

Question 8

Labour force

Answer 8

The global pop increases the size of the labour force
Increases global demand for products + the number of entrepreneurs setting businesses that trade globally

Question 9

Politics

Answer 9

Political reform + political stability haven given rise to democracy across the world + better trade relations between countries allowing globalisation to take place.

Question 10

Fdi

Answer 10

Investments across the globe through fdi mean countries + business have an interest in economic affairs in all parts of the world