u2 culture and globalization

Question 1

Globalization of consumers

Answer 1

consumers around the world start to have the same interests and desires for similar products
pros - wide and diverse product availability
cons - fast fashions and unsustainable methods of production, eg. exploitation.

Question 2

Globalization of technology

Answer 2

becoming cheaper, more efficient, more accessible which allows for innovation to spread
pros - developed countries benefit more efficiently while developing countries gain more tools to help improve life

Question 3

Globalization of markets

Answer 3

markets operating at global level
trade agreements, dissolving of trade barriers, emerging markets gain access to more global markets

Question 4

Globalization of production

Answer 4

outsourcing, eg shifting productino in countries with lower labour costs to increase efficiency and decrease costs

Question 5

Advantages and Disadvantages of Globalization
a) for developed countries
b) for developing countries

Answer 5

pros - access to cheaper goods, economic growth, cultural exchange
cons - economic dependence on other countries, job outsourcing so less opportunities domestically, loss of manufacturing industries
a) developing countries gain access to tech, jobs, improved infrastructure, however can also lead to exploitation or cultural homogenization

Question 6

cultural homogenization?
Is globalization leading to cultural homogenization?

Answer 6

when local cultures lose diversity cuz transformed by dominant outside culture
- globalization can lead to cultural homogenization because there is more exposure from outside culture

Question 7

WTO
APEC
G7, G8, G20
world bank
IMF

Answer 7

wto - world trade organization oversees int. trade regulations and settles disputes between countries

APEC - asia pacific economic cooperation, 21 member economies, some including Australia, malaysia, hong kong, indonesia, korea, peru, thailand. ; focus on advancing economy in asia

G7 - 7 advanced economies including canada, us, japan, france, germany, UK, Italy; focuses on economic/political stability (1975)

g8 - g7 + russia; focused on geopolitics (1998, suspended in 2014)

g20 - g7 plus 12 emerguing economies + EU; focuses on global economy and cooperation (1999)

world bank - provide loans/financial stability to governors of low-middle income countries

IMF - international monetary fund monitors global economic stability and provides loans to countries with financial trouble

Question 8

Definition of money
3 functions of money

Answer 8

money is a medium of exchange used in transactions for goods and services

store of value, unit of account, medium of exchange

Question 9

What has been used as money throughout history

Answer 9

barter systems, shells, gold, silver, paper currency

Question 10

Commodity money, representative money, fiat money, cryptocurrency

Answer 10

commodity - physical money (gold, silver)
representative - a claim on physical money (eg. credit cards/cheques)
fiat money - established currency, eg. dollar bills
cryptocurrency - digital currency

Question 11

6 characteristics of money

Answer 11

durability, portability, divisibility, uniformity, limited supply, and acceptability.

Question 12

How is technology impacting international trade [telecommunications, social media, transportation tech, etc]

Answer 12

• advanced tech allows for businesses to communicate across borders
• social media helps marketing
• transportation technology makes supply chain more efficient

Question 13

what is e-commerce
Origins and growth of e commerce – invention period, consolidation period, reinvention
types of e-commerce
e-commerce in past and future

Answer 13

buying and selling goods/services online
- developed during early internet
- rapid growth after amazon
- types are B2B (business to business), B2C (business to consumer), C2C (consumer 2 consumer)

future - growth in future mobile shopping, expansion of global markets/global shipping, increased reliance on social media to market