7.1. Based On Save My Exams Flashcards
Concept of globalization
Globalization refers to the increasing interconnectedness and interdependence of the worlds societies, economies and cultures
What is the influence of globalization on trade
Globalisation has led to a significant increase in international trade, as countries have opened up their markets to foreign goods and services.
What influence globalization had on FDI
Foreign Direct Investment (FDI) has increased as companies seek out new markets and opportunities for growth.
What influence did globalization had on migration
Globalisation has led to increased migration, as people seek out new economic opportunities and cultural experiences in other parts of the world.
What is used to measure globalization?
The KOF index is an economic indicator that measures a country’s degree of globalization.
The KOF index is based on three key dimensions of globalization: economic, social, and political. The economic aspect includes measures such as the degree of trade and investment, while the social dimension looks at indicators such as the flow of information and people across borders. The political dimension measures the degree of political cooperation and participation in international organizations.
A higher score on the KOF index indicates a greater degree of globalization, while a lower score indicates a more closed economy.
Explain the term global shift
The term “global shift” refers to the ongoing transformation of the world economy from one dominated by the traditional economic powers of Europe, North America, and Japan, to one increasingly driven by the emerging economies of Asia, Latin America, and Africa.
Define trade
Trade refers to the exchange of goods and services between countries.
Outline inequalities in world trade
Trade between developed and developing nations is often inequitable. Developed nations generally have high levels of income, advanced technology, and well-developed infrastructure, while developing nations are characterized by lower levels of income, technology, and infrastructure.
What are the possible barriers to access global markets
These barriers can include things like trade tariffs, non-tariff barriers, and intellectual property laws, which can make it difficult for developing nations to compete with developed nations.
Define trade agreements
Trade blocs are agreements between two or more countries to reduce or eliminate trade barriers between them.
What is the main aim of trade bloc?
The main goal of trade blocs is to promote economic integration between member countries by increasing trade and investment flows, which can lead to increased economic growth and development.
What is global governance?
Global governance refers to the system of rules, institutions, and processes that are designed to manage and regulate global issues and challenges that cross national boundaries.
