Globalization

Question 1

What is globalization ?

Answer 1

Globalization is a group of processes that build connections between societies and individuals around the world. Furthermore relating to geography globalization is the increasing connections between places and people worldwide through : trade , politics and cultural exchange that is assisted by technology and transportation.

Question 2

What are some impacts of globalization?

Answer 2

~ Access to new cultures
~ Spread of technology and innovation
~ Lower Costs for products
~ Higher Standard of Living across the Globe
~ Access to new markets

Question 3

What are some advantages of LEDC’s

Answer 3

~Lower Labour Costs
~Access to new markets
~Promotes Economic Growth
~Spread of Knowledge and technology

Question 4

What are some disadvantages of LEDC’s

Answer 4

~Exploitation of labour and resources
~ Imbalanced trade
~ Domestic Job Loss

Question 5

What are transnational or multinational corporations?

Answer 5

A company that does foreign business in countries outside of itself.