Globalisation

Question 1

globalisation

Answer 1

process in which national economies have become integrated and inter-dependant

Question 2

key aspects

Answer 2

• tech ~ increase connectivity through networks
• transport ~ international migration and containerisation (cost of shipping decreases by bulk buying) so more profits
• money ~ expansion of capital flow as govs relax rules on how much money you can move around. tech makes it easy. also led to high levels of Foreign Direct Investment as companies invest

Question 3

benefits

Answer 3

• wider range of products at lower prices
• sustained EG leads to high living standards caused by rising levels of investment and trade
• labour migrations ~ skilled workers
• low inflation ~ greater competition and ability to produce in low cost countries
• investment means better jobs and infrastructure

Question 4

costs

Answer 4

• increased number of migrant workers ~ low wages for domestic workers
• increased competition from overseas has led to job losses and firms going out of business
• dependancy on sale of a particular good and exploitation of natural resources