L2 - How Globalization Works Flashcards
What is globalization?
The process that makes it easier for countries to do business, share money, exchange ideas, and cultures.
What are the two key concepts in international trade?
- Importation
- Exportation
What facilitates international trade?
Free trade agreements, transportation, infrastructure, and logistics networks.
What is foreign investment?
Flow of investments by companies from one country to another to establish production facilities, acquire businesses, and expand operations.
What is technology transfer?
Dissemination of technological knowledge and innovation across borders through research collaborations, licensing agreements, and technological partnerships.
What does cultural exchange involve?
Sharing of ideas, customs, traditions, and artistic expressions through media, tourism, education, and international events.
How does information flow in globalization?
Rapid transmission of information across borders due to advances in communication technologies.
What is political globalization?
National policies that bring countries together politically, economically, and culturally.
Name three examples of political globalization.
- United Nations (UN)
- North Atlantic Treaty Organization (NATO)
- Association of Southeast Asian Nations (ASEAN)
What is social globalization?
Focuses on societal factors causing cultures to converge, including ease of communication and social media.
Provide an example of social globalization.
The rise in popularity of international cuisine in the Philippines due to digital connectivity.
What does economic globalization focus on?
Integration of international financial markets and coordination of financial exchange.
What are examples of economic globalization?
- World Bank
- North American Free Trade Agreement (NAFTA)
- PH-Japan Economic Partnership Agreement
How can economic events in one country affect others?
Economic events like recessions in one country can impact jobs and income in other countries.
What is the relationship between the US dollar and the Philippine peso?
The strength of the US dollar can directly affect the Philippine peso, influencing import prices and inflation.
