GLOBALIZATION Flashcards
💠 __________ has allowed businesses to expand beyond borders and reach international markets.
(Hint: The process of increased interconnectedness across the world)
💡 Globalization – The growing integration of economies, cultures, and societies.
📝 Example: Globalization has made it easier for companies to sell products worldwide.
💠 Many companies engage in __________ to reduce production costs and maximize profits.
(Hint: Moving jobs or production to another country to cut expenses)
💡 Outsourcing – Shifting work to external suppliers, often in different countries.
📝 Example: Many tech firms use outsourcing to hire skilled developers at lower costs.
💠 __________ can lead to increased competition between local and international companies.
(Hint: The practice of selling and buying goods across borders)
💡 International trade – The exchange of goods and services between countries.
📝 Example: International trade allows consumers to access products from all over the world.
💠 The influence of American movies, fashion, and fast food in other countries is an example of __________.
(Hint: The spreading of ideas, customs, and cultural elements worldwide)
💡 Cultural globalization – The exchange and blending of cultural aspects between nations.
📝 Example: Cultural globalization has introduced K-pop to audiences worldwide.
💠 Globalization has led to the rise of __________, influencing economies and cultures worldwide.
(Hint: Large companies that operate in multiple countries)
💡 Multinational corporations (MNCs) – Companies that have business operations in multiple countries.
📝 Example: Multinational corporations like Apple and McDonald’s have a strong global presence.
💠 The downside of globalization is that it can contribute to __________ in many local businesses.
(Hint: The struggle of domestic companies to compete with global giants)
💡 Economic inequality – The growing financial gap between the rich and the poor.
📝 Example: Economic inequality can increase when large corporations dominate local markets.
💠 __________ enables people from different countries to communicate instantly and collaborate on projects.
(Hint: The rapid advancements in digital technology that facilitate global communication)
💡 Technological advancements – Innovations that improve connectivity and efficiency.
📝 Example: Technological advancements like video conferencing have made remote work possible.
💠 __________ has led to the dominance of English as a global language for business and communication.
(Hint: The adoption of a single language as the main medium for global interaction)
💡 Linguistic globalization – The widespread use of a single language across different countries.
📝 Example: Linguistic globalization has made English the most commonly used language online.
💠 One concern about globalization is that it may lead to the __________ of local traditions and languages.
(Hint: The disappearance of unique cultural identities due to external influence)
💡 Cultural erosion – The loss of traditional customs and heritage due to external influences.
📝 Example: Cultural erosion is evident when indigenous languages are replaced by dominant ones.
💠 Some argue that globalization is increasing __________, as large corporations gain more control over the market.
(Hint: The process where wealth and power are concentrated in a few hands)
💡 Corporate dominance – The control of industries by a small number of large businesses.
📝 Example: Corporate dominance in the tech industry raises concerns about fair competition.
