Ch4.1 Globalization

Question 1

Define importing

Answer 1

Buying products from other countries

Question 2

Define exporting

Answer 2

Selling domestically produced products to other countries

Question 3

Globalization of markets refers to what?

Answer 3

To the movement away from thinking of the market as being the local market or the national market to thinking of the market as being the entire world.

Question 4

Is it true than many companies adapt their products for certain areas?

Answer 4

Yes,
“Think globally and act locally”
Trying to appeal to a local place.

Question 5

Globalization of productions refers to what?

Answer 5

Refers to the trend of individual firms moving production to different locations around the globe to take advantage of lower costs or to enhance quality.

Question 6

What is outsourcing ?

Answer 6

Is the assignment of certain tasks, such as production or accounting, to an outside company or organization.

Question 7

Why has globalization accelerated so rapidly?

Answer 7

A dramatic decline in trades and investment barriers and technological innovations have caused this.

Question 8

Why is it so hard for Devin to only by “American”?

Answer 8

This is because of globalization, many of our very useful resources in the U.S aren’t American and are from foreign countries. So if he were to buy things that came from them, it wouldnt be all American.