L1 - The Contemporary World Flashcards
What is globalization?
Globalization is the increasing interaction of people, businesses, states, or countries through international flow of money, ideas, and culture.
Focuses on integration and interconnectedness of actors in the international arena.
What is importation?
Importation is bringing goods or services into a country from abroad for sale or use.
It involves purchasing products from other countries.
What is exportation?
Exportation is sending goods or services from a country to another for trade or sale.
Simply put, importation brings products in while exportation sends products out.
What is capital in the context of globalization?
Capital refers to the movement of money across borders for investments and expansions.
Includes financial, human, resource, and political capital.
Define financial capital.
Financial capital is the movement of money across borders for investments, loans, trade, and business expansion.
What is human capital?
Human capital is the migration of skilled workers and labor across countries.
Example: Overseas Filipino Workers (OFW).
What is resource capital?
Resource capital includes natural resources and assets that a country or organization uses to generate wealth or support activities.
Examples: oil, minerals, shrimp, water, and land.
Define political capital.
Political capital refers to the trust, influence, and goodwill a person, group, or organization has within a political system.
What role do people play in globalization?
People are a central role in globalization as they drive the movement of ideas, goods, and services.
What is migration in the context of globalization?
Migration is when people move, bringing diversity, new ideas, and strengthening global connections.
How does technology contribute to globalization?
Technology enables faster communication, production, and innovation.
Examples: internet, digital shopping, online payment systems.
What is the digital divide?
The digital divide is the gap between individuals or communities who have access to modern information and communication technologies and those who do not.
Fill in the blank: __________ is the key element in globalization that connects people.
Technology
True or False: Exportation refers to bringing goods into a country.
False
List the four types of capital involved in globalization.
- Financial Capital
- Human Capital
- Resource Capital
- Political Capital
