Activity 1

It is an ongoing process that involves interconnected changes in the economic, cultural, social, and political spheres of society.

• Globalization

• Market Integration

The level wealth, comfort, material goods, and necessities available to a certain socioeconomic class in a certain geographic area

• Standard of living

• Quality of life

The period of time over which an item is developed, brought to market and eventually removed from the world market

• Product life cycle

• Product cycle

These are institutions that provide financial support and professional advice for economic and social development activities in developing countries and promote international economic cooperation and stability.

• United Nations (UN)

• International Financial Institutions (IFIs)

All IFIs admit only sovereign countries as owner-members, but all are characterized by a broad country membership, including both borrowing developing countries and developed donor countries.

• TRUE

• FALSE

A condition characterized by severe deprivation of basic human needs including food, safe drinking water, sanitation facilities, health, shelter, education and information

• extreme poverty

• hunger

It is the process of increasing interdependence of world economies as a result of the growing scale of cross-boarder trade of commodities and services (cited in Shangquan,20000)

• Economic Globalization

• Market Integration

American sociologist Wallerstein described this as the “core "of the world economy.

• high-income nations

• developing countries

It is widely thought to improve the allocation/distribution of resources, promote technology transfer, and improve living standards.

• Market Integration

• Global Economic Integration

Since there are different standards of living around the world, different meaning attached to it.

• TRUE

• FALSE