Globalization

Globalization and the Economy

Word Cloud

What are some words that describe Globalization?

Multiple Choice

What has always occurred throughout history regarding movement across borders?

• Goods Only

• People Only

• Both People and Goods

• Data Obly

Multiple Choice

The modern world's interconnectedness allows for the rapid spread of which of the following?

• Diseases and financial crises

• Natural Disasters

• Political ideologies

• Technological innovations only

Multiple Choice

How do technological advances and international resources impact the gap between the rich and the poor?

• Narrows the gap

• Increases the divide

• No Impact

• Has a fluctuating effect

Globalization and international trade allows the United States to focus on the things we do well and create profits.

It would cost too much money and our economy would shrink!!!

Why can't we just make our own stuff?

Comparative advantage refers to the ability of a country, individual, or entity to produce a good or service at a lower opportunity cost than another country, individual, or entity.

Comparative Advantage

Absolute advantage refers to the ability of a country, individual, or entity to produce a good or service more efficiently than another country, individual, or entity.

Absolute
Advantage

Multiple Choice

If a country can produce more units with the same amount of resources, it has what?

• Absolute advantage
• Opportunity cost
• Marginal utility
• Comparative advantage

Is when you buy more than you sell

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Trade Deficit