Globalization (Lesson 1) Flashcards
1
Q
Define Globalization
A
The process by which businesses, cultures, governments and markets become interconnected and interdependent.
2
Q
Define Off-shoring
A
Moving supply chains to cheaper jurisdictions and countries overseas.
3
Q
Four key drives of globalization
A
- Free exchange of technology and intellectual capital
- Free movement in capital
- Free movement in labour
- Free trade in goods and services.
4
Q
Factors that have effected globalization overtime
A
- Population changes
- Conflicts/ wars
- Protectionism
- Geopolitics
- Internet
- Attitudes towards migrant
- Trade agreements.
5
Q
How does globalization effect workers?
A
- Wages decrease
- Off-shoring may cause unemployment.
6
Q
How does globalization effect consumers?
A
- Wider variety in the market
- Cheaper prices.
7
Q
How does globalization effect producers?
A
- If you’re a large company then you have the power of being untaxed/ access to cheaper supply chains.
8
Q
What has happened to globalization within the last 15 years?
A
Decreased due to:
* War and conflict (Middle East, Russia, US and China)
* Covid
* Brexit.
