4.7.5 Globalization

Cards (27)

  • What does globalization refer to?
    Interconnectedness of countries
  • Technological advancements have reduced the cost of international transactions.
    True
  • Lower shipping and travel costs have made international trade more affordable
  • What is one drawback of globalization for low-skilled workers?
    Wage stagnation
  • What is the primary difference between globalization and regionalization?
    Scope of integration
  • Match the benefit of globalization with its description:
    Increased trade and investment ↔️ Expands markets and specialization
    Access to wider variety of goods ↔️ Consumers have more choice
    Technology transfer ↔️ Spreads new ideas and innovations
    Economies of scale ↔️ Reduces production costs
  • The political effects of globalization can include a backlash against global institutions
  • Technological advancements in communication and transportation reduce costs
  • Match the economic effect with its description:
    Increased trade and investment ↔️ Greater economic efficiency and growth
    Job displacement ↔️ Production shifts to lower-cost locations
    Access to a wider variety of goods ↔️ Consumers have more choice
  • Globalization can lead to greater environmental concerns due to increased economic activity
  • What may result from social disruption caused by globalization?
    Social tensions
  • Globalization involves the integration of national economies into the global economic system.

    True
  • Match the factor with its impact on globalization:
    Technological advancements ↔️ Facilitates international transactions
    Reduced transport costs ↔️ Makes trade more affordable
  • Policymakers must balance the potential upsides of globalization with the need to mitigate its downsides
  • One key factor contributing to globalization is the removal of trade barriers such as tariffs
  • What role do multinational corporations (MNCs) play in globalization?
    Facilitate global commerce
  • Increased competition from foreign firms can lead to job losses in domestic industries.
    True
  • Globalization can lead to greater resource consumption and environmental pollution
  • Trade liberalization encourages international trade by reducing barriers.

    True
  • What is one positive social effect of globalization?
    Cultural exchange
  • What is trade liberalization?
    Removal of trade barriers
  • Multinational Corporations (MNCs) increase foreign investment and foster global commerce.
    True
  • What are two negative economic effects of globalization?
    Job displacement ||| Wage stagnation
  • Increased cultural exchange promotes understanding and tolerance.

    True
  • Globalization challenges traditional notions of national sovereignty
  • What are the four key factors contributing to globalization?
    Trade liberalization, technological advancements, reduced transport costs, growth of MNCs
  • What are two arguments against globalization related to jobs and wages?
    Job displacement ||| Wage stagnation