Economic

• Game mechanics

  1. Class divided into two groups

  2. Players respond to cues: HEP HEP (clapping twice), HOORAY (throwing hands in the air), APIR (double high-five with opponent), GET (grabbing a shared bottle faster than opponent)

  3. Player grabbing the bottle first has the chance to answer questions

  4. Group with higher correct answers wins
• Question types

  • Question No.1
  • Question No.2
  • Question No.3
  • Question No.4
  • Question No.5
• Globalization refers to the growth in international exchange of goods, services, and capital, and the increasing levels of integration that characterizes economic activity
• Globalization theory promotes international cooperation and aids in the spread of democratic values
• Evolution of globalization where the United States of America (US) renounces its position as the protector of world trade
• Globalization and free trade

  Spur economic growth and lead to lower prices on many goods
• Robert Reich, Former US Secretary of Labor: '"Globalization and free trade do spur economic growth and they lead to lower prices on many goods"'
• Objectives

  • Explain the concept and benefits of globalization and free trade for economic growth and development
  • Distinguish the pros and cons of free trade agreements for different stakeholders
  • Analyze relevant studies and data on economic globalization from credible sources
• Free Trade Agreements


  • Trade pacts that aim to reduce trade constraints like tariffs, quotas, and other limitations while establishing a framework for international cooperation between participating nations
  • Enhance commercial prospects, consumer welfare, economic growth, and integration
  • Aid in managing commercial disputes and fostering international cooperation
• Well-known FTAs

  • The Trans-Pacific Partnership (TPP) covering 11 nations in the Asia Pacific area
  • North American Free Trade Agreement (NAFTA) involving United States, Canada, and Mexico
• Pros of Free Trade Agreements

  • Increased economic growth
  • Lower government spending
  • Technology transfer
• Cons of Free Trade Agreements

  • Increased job outsourcing
  • Poor working conditions
  • Degradation of natural resources
• Problems of globalization

  • Increased job outsourcing
  • Poor working conditions
  • Degradation of natural resources
• Salient points of free trade agreements

  • Free Trade agreements seek to eliminate trade restrictions such as tariffs and quotas among nations
  • The accords are designed to promote economic integration and growth while giving consumers and businesses additional opportunities
  • The agreements can cover a wide range of trade problems, including labor standards and environmental protection as well as specific industries or products
  • There are worries that free trade agreements may harm local economies, communities, and income inequalities as well as labor and environmental norms
  • Free trade agreements are seen by many as an essential tool for fostering global economic growth and integration despite the constant debate and criticism
• Globalization and Economic Growth

  1. Globalization can increase productivity and efficiency

  2. Globalization can lower the cost

  3. Globalization can generate new industries and jobs
• Globalization can harm economic progress particularly in underdeveloped nations

  • Increased competition
  • Aggravate inequality and environmental deterioration
• Many economists and decision-makers still see globalization as a key factor for economic growth and development despite these obstacles
• According to the World Bank between 1990 and 2019, global trade rose by an average of 3.5% per year while global GDP grew an average of 2.6% annually
• According to research by the International Monetary Fund (IMF), nations with more open trade had greater income per capita levels and faster rates of economic growth
• According to the United Nations Conference on Trade and Development (UNCTAD), global merchandise exports from developing nations climbed from 32% to 47% between 2000 and 2018
• The Organization for Economic Cooperation and Development (OECD) discovered that globalization has significantly reduced poverty throughout the world, especially in emerging nations
• According to the World Bank, income inequality has increased recently in many countries, mostly developed ones