3.5 Globalization

• Migration in globalization refers to the increased movement of people between countries
• The growth of foreign direct investment is a driver of globalization.


  True
• What is one economic aspect that drives globalization?

  Increased trade flows
• Globalization leads to increased efficiency through specialization.


  True
• Globalization always reduces income inequality within countries.

  False
• Cultural homogenization is a potential drawback of globalization.


  True
• Arrange the following aspects of globalization in order of their relevance to global integration:

  1️⃣ Trade

  2️⃣ Investment

  3️⃣ Migration

  4️⃣ Technology

  5️⃣ Culture
• Migration is a driver of globalization because it increases the movement of people for work or study.

  True
• Globalization allows countries to specialize in producing goods where they have a comparative advantage.


  True
• Environmental degradation is a drawback of globalization due to increased production and transportation.

  True
• What was a drawback of Argentina's neoliberal reforms during globalization?

  Economic crisis in 2001
• Match the international institution with its role in globalization:

  WTO ↔️ Promotes free trade through agreements

  IMF ↔️ Provides financial assistance

  World Bank ↔️ Supports development projects with loans

  UN ↔️ Coordinates cooperation on global issues
• The United Nations coordinates global cooperation on issues like human rights and environmental sustainability.


  True
• Trade in globalization refers to the increased flow of goods, services, and capital
• How has technology contributed to globalization?

  Advancements in communication
• What does trade contribute to in globalization?

  Increased flow of goods
• How does technology facilitate globalization?

  Enables rapid communication
• What technological advancement drives globalization?

  Improved communication
• Globalization can drive economic growth and higher standards
• Increased production and transportation in globalization can lead to environmental degradation
• Globalization refers to the increasing integration and interdependence of national economies, societies, and cultures
• The increased flow of goods, services, and capital across national borders is a driver of globalization
• Expanded access to global markets can drive economic growth
• Increased inequality is a drawback of globalization
• Arrange the key aspects of China's globalization in chronological order:

  1️⃣ Opening up to trade and investment

  2️⃣ Industrialization

  3️⃣ Special Economic Zones
• Ethiopia's focus on agricultural development has improved productivity but left it vulnerable to commodity price fluctuations.


  True
• What is the role of the International Monetary Fund (IMF) in globalization?

  Provides financial assistance
• What is globalization defined as?

  Integration and interdependence
• The growth of multinational corporations is a driver of globalization.


  True
• Order the key drivers of globalization from economic to cultural factors.

  1️⃣ Trade

  2️⃣ Investment

  3️⃣ Migration

  4️⃣ Technology

  5️⃣ Culture
• Rapid advancements in communication, transportation, and information technology are key drivers of globalization
• Trade in globalization refers to the increased flow of goods, services, and capital
• How does globalization affect consumer choice?

  Increases variety and lowers prices
• Why can globalization lead to job losses in developed countries?

  Production shifts to lower-cost regions
• What type of economic shock can globalization make countries vulnerable to?

  Global economic crises
• Increased trade is a key driver of globalization.


  True
• What role does technology play in globalization?

  Rapid advancements in communication
• What is one example of economic growth driven by globalization?

  Rapid growth of India
• Match the drawback of globalization with its explanation:

  Increased Inequality ↔️ Income gaps widen within countries

  Job Losses in Developed Countries ↔️ Production shifts to lower-cost regions

  Cultural Homogenization ↔️ Spread of Western culture erodes traditions

  Vulnerability to Economic Shocks ↔️ Crises in one country spread globally
• India's globalization led to significant growth in the software and IT industry