What are the driving forces of globalization?

• Improvement in transportation technology

• Improvement in communication technology

• Rise of SMEs

• Shrinking of the world

Under the improvement in transportation technology, there is the concept of containerization. How does this encourage globalization?

With the improvement of communication technology, corporations are more likely to set up businesses internationally. Why so?

• Easier to manage operations from their home country

• More convenient to access information

• Cheaper labour

• Goods move across borders faster

Which of the two below are MNCs?

• Apple

• NTUC

• Sheng Siong

• Toyota Motor

Why does MNCs cause an increase in the pace of globalization?

What are some negative consequences that can occur when there is an economic downturn?

• Individuals might be unemployed and thus lower standard of living

• Countries will withdraw their investments and demand of goods from another country

• Companies have lesser profits and thus retrench workers

• All of the above

What are some ways that companies can remain competitive in the the world?

• Open themselves to the wider global market

• Outsource to other countries for lower costs

• Innovation to differentiate themselves

• All of the above

What are some challenges which individuals could face with globalization? (At least 50 words)

What are some benefits that individuals can reap from globalization?

• A larger selection of choices

• More competition for jobs

• Possible social mobility by travelling to other countries to work

• Greater profits

How do Free Trade Agreements help benefit Singapore?