WEEK 4: GLOBAL ECONOMY

Question 1

worldwide interconnectedness in all aspects of the contemporary social life; it is a multidimensional phenomenon

Answer 1

globalization

Question 2

this is one of the major driving forces of globalization

Answer 2

economic dimension

Question 3

this is the increasing integration of economies around the world through movements of goods, services, and capitals across borders; it is a historical process

Answer 3

economic globalization

Question 4

it is the process of making the world economy an “organic system” by extending transnational economic processes and relations to more and more countries and by deepening the economic interdependency among them

Answer 4

economic gobalization

Question 5

economic globalization is the process of making the world economy an “______________” by extending transnational economic processes and relations to more and more countries by deepening the economic interdependency among them

Answer 5

organic system

Question 6

4 attributes of economic globalization

Answer 6

1. the globalization of trade of goods and services
2. the globalization of financial and capital markets
3. the globalization of technology and communication
4. the globalization of production

Question 7

4 actors of economic globalization

Answer 7

1. nation-states
2. global corporations
3. international monetary systems
4. international financial institutions

Question 8

this actor includes multinational corporations and transnational corporations

Answer 8

global corporations

Question 9

these have investments in other countries, but do not have coordinated product offerings in each country. they are more focused on adapting their products and services to each individual local market

Answer 9

multinational corporations (mnc’s)

Question 10

they are more complex organizations which have invested in foreign operations, have a central corporate facility but give decision making, research and development, and marketing powers to each individuals foreign market

Answer 10

transnational corporations (tnc’s)

Question 11

these are rules, customs, instruments, facilities, and organizations for effecting international payments; facilitates cross-border transactions involving trade and investments

Answer 11

international monetary systems (ims)