Lesson 1: Globalization

Question 1

Represents the triumph of a capitalist world economy tied together by a global division of labor

Answer 1

Globalization

Question 2

Processes by which the peoples of the world are incorporated into a single world society.

Answer 2

Globalization

Question 3

Phenomenon by which markets and production in different countries are becoming increasingly interdependent due to the dynamics of trade in goods and services and the flows of capital and technology

Answer 3

Globalization

Question 4

Link all regions of the planet instantaneously and global transportation systems capable of moving goods quickly by air, sea, and land;

Answer 4

Global communication systems

Question 5

Created global corporations more economically powerful than many nation-states

Answer 5

Transnational conglomerate corporate strategies

Question 6

Makes possible 24-hour trading with new and more-flexible forms of monetary flow

Answer 6

International financial institutions

Question 7

Promotes free trade

Answer 7

Global agreements

Question 8

Replaced state-controlled economies, and privatized firms and services, like water delivery, formerly operated by governments

Answer 8

Market economies