Globalization involves the process by which the world becomes increasingly interconnected and interdependent through the expansion of cross-border trade, investment, and cultural exchange
How have technological advancements influenced globalization?
Reduced costs of interactions
Match the driver of globalization with its description:
Technological Advancements ↔️ Invention of the internet
Trade Liberalization ↔️ Reduction in tariffs
Multinational Corporations ↔️ Creation of global supply chains
What is the primary economic impact of globalization on trade and investment?
Cross-border expansion
What is one economic impact of globalization on economic systems?
Increased trade and investment
How does globalization affect national economies?
Increases economic interdependence
What is one key change in the political domain caused by globalization?
International organizations gain influence
Technological advancements have drastically reduced the costs and time associated with global interactions
The invention of the internet and improvements in transportation technologies have drastically reduced the costs and time associated with global interactions
Order the major drivers of globalization from most to least influential.
1️⃣ Technological Advancements
2️⃣ Trade Liberalization
3️⃣ Multinational Corporations (MNCs)
What is the primary economic impact of globalization on trade and investment?
Expansion of cross-border activity
Match the domain with its key changes caused by globalization.
Political ↔️ International organizations gain influence
Economic ↔️ Global supply chains emerge
Cultural ↔️ Cultural exchange increases
Globalization eliminates cultural diversity.
False
Globalization has accelerated since the early 20th century due to technological advancements and the rise of multinational corporations.
True
Globalization leads to greater interconnectedness and interdependence through the expansion of cross-border trade, investment, and cultural exchange
What is facilitated by trade liberalization in globalization?
Increased international trade
Multinational corporations have established complex global supply chains to leverage comparative advantages
Multinational corporations have established complex global supply chains to leverage comparative
Globalization leads only to increased cultural diversity.
False
Arrange the drivers of globalization in chronological order:
1️⃣ Technological Advancements
2️⃣ Multinational Corporations
3️⃣ International Organizations
What are the primary drivers of globalization since the early 20th century?
Trade, investment, cultural exchange
How does trade liberalization facilitate globalization?
Reduces trade barriers
The major drivers of globalization have led to greater interconnectedness and interdependence between economies, societies, and cultures
Increased economic interdependence makes national economies more vulnerable to economic shocks in other parts of the world
Despite globalization, states still maintain primary authority in their sovereignty.
True
What is one global pattern that demonstrates continuity despite globalization?
State Sovereignty
What is one negative effect of globalization on environmental sustainability?
Resource Depletion
What role do international agreements play in global sustainability efforts?
Promote Cooperation
The reduction in trade barriers, such as tariffs, is known as trade liberalization
Match the domain of globalization with its key changes:
Political ↔️ Governments adapt policies
Economic ↔️ Cross-border trade expands
Cultural ↔️ Cultural exchange increases
What does globalization refer to?
Increasing interconnectedness worldwide
Order the major drivers of globalization based on their influence:
1️⃣ Technological Advancements
2️⃣ Trade Liberalization
3️⃣ Multinational Corporations (MNCs)
The growth of international organizations is a key driver of globalization.
True
Globalization has led to significant changes in governance and power dynamics within political systems.
True
Globalization has caused shifts in comparative advantage, leading countries to specialize in specific goods or services.
True
Countries specialize in producing goods and services where they have the greatest efficiency.
True
Cultural homogenization occurs with the spread of global/popular culture
The growth of multinational corporations has contributed to the intensification of globalization.
True
Technological advancements, multinational corporations, and international organizations have contributed to the intensification of globalization.
True
Multinational corporations influence international trade by creating global supply chains.