Globalisation Flashcards

1
Q

Define Globalisation

A

Refers to the way countries are more connected politically, economically and socially
It is a move towards an intergated world
Change of a business from being associated with one country to multiple countries

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2
Q

What are the two types of globalisation

A

Market and Production

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3
Q

Explain market globalisation

A

Decline in barriers to sell in other countries
Easier to sell internationally
Need to take culture into consideration

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4
Q

Explain production globalisation

A

Sourcing materials and services from other countries to gain a price advantage
Lower prices for consumers
Impacts employment levels in source country

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5
Q

Individual effects of globalisation

A

Improved roads and transportation
Improved healthcare
Improved education
Negative impact on developed nations as people leave to developing nations

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6
Q

Corporate effects of globalisation

A

Dicates product life cycles
Developed countries suffer economically as developing nations have cheaper resources

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7
Q

Governmental effects of globalisation

A

Companies invest in countries with lower interest rates
Trade policies must be mutually beneficial and strike a balance

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8
Q

Advantages of Globalisation

A

Increased competition
Lower prices
Better variety of goods
Job creation in developing countries
Improved standard of living in developing countries

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9
Q

Disadvantages of globalisation

A

Multinationals can have a negative impact on developing countries
Skilled labour moves out of developed countries
Wages too low
Poor working conditions in developing countries
Advantaged the rich
Cultural dilution

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