Chapter 3 HISTORY OF GLOBAL MARKET INTEGRATION

Question 1

-people learned how to domesticate plants and animals,
Farming helped societies
build surpluses, meaning, not everyone had to spend their time producing food.

Answer 1

Agricultural Revolution.

Question 2

-e rise of industry came new economic tools, like steam
engines, manufacturing, and mass production.

Answer 2

INDUSTRIAL REVOLUTION (1800s)

Question 3

popped
up and changed how work functioned.

Answer 3

Factories

Question 4

True or False
In industial revolution productivity went up, standards of
living rose, and people had access to a wider variety of goods due
to mass production

Answer 4

True

Question 5

The workers in the factories – who were mainly poor

Answer 5

women and children

Question 6

As a result, 19th century industrialists were known as
– with more productivity came greater wealth, but
also greater economic inequality.

Answer 6

robber barons

Question 7

In the late 19th century, what group began to form.

Answer 7

labor
unions

Question 8

These organizations of workers sought
to improve wages and working conditions through collective
action, strikes, and negotiations.

Answer 8

labor unions

Question 9

labor unions gave way for minimum wage laws,
reasonable working hours, and regulations to protect the
safety of workers.

Answer 9

Inspired by Marxist
principles,

Question 10

is a system in which all natural resources
and means of production are privately owned. It
emphasizes profit maximization and competition as the
main drivers of efficiency. (private ownership)

Answer 10

Capitalism

Question 11

Who is This is what economist in the 1770s called the “invisible hand”

Answer 11

Adam Smith

Question 12

The idea is that if one leaves a capitalist economy alone, consumers
will regulate things themselves by selecting goods and services that provide
best value.

Answer 12

Invisible hand

Question 13

– the means of production are under collective ownership. It
rejects capitalism’s private property and hands-off approaches. Instead, in
socialism, property is owned by the government and allocated to all citizens,
not only those with money to afford it. Thus, the government plays an even
larger role in socialism. (public or government ownership)

Answer 13

SOCIALISM

Question 14

This is marx hope for In practice, this has not played out in countries that have
modeled their economies on socialism, like Cuba, North Korea,
China, and the USSR. Why?

Answer 14

Marx hoped that as economic differences vanished in
communist society, the government would simply wither and
disappear, but that never happened. If anything, the opposite did

Question 15

has reduced the
role of human labor and shifted it from a manufacturing-based economy to one that
is based on service work and the production of ideas rather than goods.

Answer 15

INFORMATION REVOLUTIOnTechnology

Question 16

But today, much of
their economy is centered on the

Answer 16

tertiary sector or the service industry

Question 17

includes jobs that provide many benefits to workers,
like high incomes, job security, health insurance, and retirement packages. These are
white-collar professions, like doctors, accountants, and engineers.

Answer 17

PRIMARY LABOR MARKET

Question 18

include jobs that provides fewer benefits and
include lower-skilled jobs and lower-skilled jobs and lower-level service sector jobs.
They tend to pay less, have more unpredictable schedules, and typically do not offer
benefits like health insurance and tend to have less job security. This sector are
sometimes called as blue collar jobs

Answer 18

SECONDARY LABOR MARKET

Question 19

are defined as organizations that exist as legal entities and
have liabilities that are separate from its members. They are their own thing.

Answer 19

Corporations

Question 20

All are
dependent to some degree on international trade for their own prosperity.
Companies can produce their goods and services across many different
countries.

Answer 20

GLOBAL
CORPORATIONS

Question 21

they can be identified as either

Answer 21

multinational or transnational corporations (MNCs or
TNCs)

Question 22

do not have coordinated product offerings
in each country. adapting their products and services to each
individual local market. Basically, they are just national companies that have
subsidiaries.
It’s like their original products from home country are brought to introduced to other
cultures.

Answer 22

MULTINATIONAL CORPORATIONS (MNCs)

Question 23

a central corporate facility but give
decision making, research and development (R&D) and marketing powers to each
individual foreign markets.

Answer 23

TRANSNATIONAL CORPORATIONS (TNCs)