Globalization

Globalization

Revision Lesson

Globalization

• With the collapse of the Soviet Union in 1989 and the end of the Cold War in 1991 the world became more interconnected. 

• This is because the communist countries, (which had previously been isolated from the capitalist West), began to integrate into the global market economy. 

Post War Economic Growth

• Globalization has been closely linked to economic growth. As a result, international trade grew rapidly after World War II. 

• The volume of goods traded on international markets, tripled

New Technology

• New technologies of transportation and communication have made it possible not only to link all parts of the world in real time, but also to connect individuals more closely and inexpensively.

International Trade

-International trade = is the exchange of capital (money), goods, and services across international border or between nations.

-Shortly after World War II, trade between nations rapidly increased, growing faster than ever before.

Multiple Choice

Global trade provides opportunities for entrepreneurs

• True

• False

Multiple Choice

A negative side effect of globalization such as the spread of Covid-19 is caused by

• Improved sanitation resulting in resistant strains of viruses

• Accelerated transmission of viruses due to increased travel

• Cultural movements that limit vaccinations for children

Multiple Choice

What are some negatives of globalization?

• Workers are exploited in sweatshops

• Pollution and deforestation

• Low wages for factory workers in Asia and Africa

• All of the answers are correct

Multiple Choice

The development of a worldwide economy where resources flow fairly freely across borders.

• Globalization

• Economy

• Economic Independence

Multiple Choice

A large company that has operations in more than one country.

• Domestic Corporation

• Multinational Corporation

• Foreign Corporation

Multiple Choice

Products meant to satisfy the wants and needs of buyers.

• Goods

• Trade

• Commodity

Multiple Choice

According to CNN, the United States receives 80% of its avocados from Mexico. Mexico receives most of its auto parts from the United States. This is an example of the following.

• Interdependence

• Supply and demand

• Infrastructure

Multiple Choice

A policy in which a nation does not try to limit imports or exports by taxes on imports

• Free Trade

• Trade

• Goods

Multiple Choice

Bringing goods in from another country to sell.

• IMPORT

• EXPORT

Multiple Choice

Sending goods to another country to sell.

• IMPORT

• EXPORT

Multiple Choice

Which of the following is a major Cause of globalization:

• Social

• Economic

• Environmental

• The advancement of Technology

Multiple Choice

The word used to describe the practice of shielding a country's domestic industries from foreign competition by taxing imports is:

• Communism

• Protectionism

• Trade liberalization

Multiple Choice

One way entrepreneurs help their local economy is by paying local taxes that benefit schools and other public services.

• True

• False

Multiple Choice

The internet makes it easier to participate in international trade.

• True

• False

Multiple Choice

Trade barriers make it easier for entrepreneurs to import and export

• True

• False

Complete the next few open- ended questions at your own pace.

Or for homework if you run out of time.

-Goodluck!

Open Ended

Define Globalization:

Open Ended

Name 2 pros (positives) of Globalization and explain using evidence and examples.

Open Ended

Name 2 Cons (negatives) of Globalization and explain using evidence and examples.