4.3-Globalisation Flashcards
What is globalization?
Globalization is the process of increased interconnectedness and interdependence among countries, primarily in terms of economics, culture, and politics.
True or False: Globalization only affects developed countries.
False
Fill in the blank: Globalization has led to an increase in __________ among countries.
trade
What is one major economic effect of globalization?
Increased international trade and investment.
Name one advantage of globalization.
Access to a larger market for producers.
What is a disadvantage of globalization?
Job losses in certain industries due to outsourcing.
Multiple choice: Which of the following is a factor driving globalization? A) Technological advancements B) Increased tariffs C) Nationalism D) Isolationism
A) Technological advancements
What is the role of multinational corporations in globalization?
Multinational corporations facilitate globalization by operating in multiple countries and influencing international trade and investment flows.
Define ‘trade liberalization’.
Trade liberalization is the removal or reduction of trade barriers, such as tariffs and quotas, to encourage free trade.
True or False: Globalization has no impact on local cultures.
False
Fill in the blank: Globalization can lead to __________ of local industries.
deindustrialization
What is ‘economic integration’?
Economic integration is the process by which countries reduce trade barriers and increase economic cooperation.
Name one international organization that promotes globalization.
World Trade Organization (WTO)
Multiple choice: What is a common criticism of globalization? A) It promotes cultural exchange B) It increases inequality C) It fosters international cooperation D) It encourages competition
B) It increases inequality
What is ‘capital mobility’?
Capital mobility refers to the ability of capital to move freely across borders to seek the best return on investment.
True or False: Globalization has only economic implications.
False
What does the term ‘global supply chain’ refer to?
A global supply chain refers to the worldwide network of production and distribution processes that companies use to source and deliver goods.
Fill in the blank: __________ is a phenomenon where companies relocate production to countries with lower labor costs.
Outsourcing
What impact does globalization have on consumer choice?
Globalization increases consumer choice by providing access to a wider variety of goods and services from around the world.
Define ‘trade deficit’.
A trade deficit occurs when a country’s imports exceed its exports.
What is the ‘digital divide’ in the context of globalization?
The digital divide refers to the gap between individuals and communities that have access to digital technology and those that do not.
True or False: Globalization can lead to environmental challenges.
True
What is ‘protectionism’?
Protectionism is the economic policy of restraining trade between countries through tariffs, quotas, and other regulations.
Name a positive social impact of globalization.
Improved access to education and healthcare in developing countries.
