Chapter 1

Question 1

What is globalisation?

Answer 1

• Opening of trade barriers, reduction of protectionism
• Flows to investment, immigration, information and technology
• interdependence, integration

Question 2

International competitiveness?

Answer 2

Degree at which a country can produce goods/services, meeting the standards of international markets

Question 3

MNCs

Answer 3

Nike, adidas

Question 4

Tourism

Answer 4

Fourth in global exports, Australia’s 6th export and first import

Question 5

Immigration

Answer 5

Beneficial to our country, in the sense we are receiving killed labour
28% of population overseas
Increased culture

Question 6

WTO, UN, G20

Answer 6

Promotion of trade liberalisation, reduction of trade barriers

Question 7

Patterns in global trade

Answer 7

• GFC impacted world trade,
  80% goods, 20% services
  Trade increased living standards and real income
  Best traders - china, US and Germany

Question 8

Determinants of international competitiveness

Answer 8

Economic performance, government/business efficiency and infrastructure

Question 9

Factors promoting globalisation?

Answer 9

Trade liberalisation, consumers, media/travel, innovation (technology) and organisations

Question 10

Arguments AGAINST globalisation

Answer 10

Worsens poverty, induces child labour, lower wages, destroys local cultures, unemployment amongst low skilled workers

Question 11

Arguments FOR globalisation

Answer 11

Reduces global poverty, increases economic growth, living standards and competition/efficiency

Multiculturalism