Globalisation (L1)

Question 1

globalisation

Answer 1

increased integration of economies into international markets

Question 2

characteristics of globalisation

Answer 2

free trade, movement of labour and capital, interchange of tech

Question 3

causes of globalisation

Answer 3

trade in goods (developing countries have tech now and cost advantage bc cheap labour)
trade in services and liberalisation
multi n transnational companies can register products in countries with low corporation tax

Question 4

impact of globalisation on consumers

Answer 4

increased consumer choice
lower prices if cheaper labour used
higher prices if world income goes up

Question 5

impact of globalisation on workers

Answer 5

increased incomes
job losses if companies move to cheaper labour but more are employed in developing countries
more migration, they can fill skill gaps but native workers think they’re stealing jobs n putting a strain on healthcare
more demand fr high skilled workers in developing countries so wages go up

Question 6

impact of globalisation producers

Answer 6

more specialisation= more risk if trade links break

supplier network is larger so they could get supplies at cheaper prices

Question 7

impact of globalisation on gov

Answer 7

must adapt policies so if companies make production move, they still get more benefits eg lowering tax on profits
more corruption/bribery=lower income

Question 8

impact of globalisation on individual countries

Answer 8

more incomes lower prices