Globalization

Question 1

What is Globalization?

Answer 1

It’s a group of processes that build connections between places, societies and individuals around the globe through trade, politics and cultural exchange which is all enhanced with the aid of technology and transportation.

Question 2

What are multination Cooperations/ trans national cooperations?

Answer 2

Any company that operates business in foreign countries. Example: Scotiabank, Amazon

Question 3

What are global links?

Answer 3

Global links are indicators that give an overview of the associations that allow global and local economies to expand.

Question 4

Advantages of globalization are?

Answer 4

• Makes it possible for businesses to reach more possible customers.
• access to new markets
• Enables countries to leverage their economic strengths and trade these products.
• Utilizing technology to spread knowledge ( like e-commerce)
• Promotes economic growth through efficienct distribution of resources.
• Global links

Question 5

How does globalization improve Standard of Living?

Answer 5

Through employment where people are going to get an income and hence be able to afford their bare necessities and health care which therefore improves our standard of living.

Question 6

Disadvantages of Globalization are?

Answer 6

• Increase in market competition
• Endangerment of local businesses
• Domestic jobs lessen
• Offers opportunities for normal criminals to do transnational heists and robberies of people through virtual transactions
• offers an opportunity for illegal markets to operate business.

Question 7

Benefits and disadvantages of having MNCs

Answer 7

Advantages (MEDC)
- profit gained from mnc’s go back into the home country to build and improve the country.
- Creates employment for locals
- Cheap labour
- Greatens and expands company reach
- Greater access to technology

Disadvantages. (Within LEDC)
- Exploitation in LEDCs
- Sweat shops with poor working conditions and minimum wage labour
- Cripples local businesses
- Loss of local culture
- Pollute environment ( Environmental degradation)
- Reduces government control

Question 8

Free movement of labour is?

Answer 8

Where workers are able to look for work in another country, without going to that country with a visa.

Question 9

What is a disadvantage of Free labour movement?

Answer 9

Gives the opportunity for Scamming

Question 10

Free movement of capital

Answer 10

Moving money or transferring it to a worker without the worker leaving their country.