Which statement best describes how globalization connects the world?
Globalization helps create new forms of transportation, communication, and technology
.
Which statement best describes how globalization is affecting the world?
The correct answer is letter B:
The world is becoming more globalized and connected
. Due to modern means of communication and transportation, the world is unified.
What has increased the pace of globalization?
Developments in IT,
transport and communications
have accelerated the pace of globalisation over the past 40 years. The internet has enabled fast and 24/7 global communication, and the use of containerisation has enabled vast quantities of goods and commodities to be shipped across the world at extremely low cost.
How has globalization made countries more interdependent?
How has globalization made countries more interdependent? … –
Countries now rely on one another for chances to import
. – Countries rely on each other for cheaper products. – One way to measure economic growth is by using GDP, which stands for Countries now rely on one another for chances to export.
What business practice of hiring workers in another country is known as?
Outsourcing
is the business practice of hiring a party outside a company to perform services or create goods that were traditionally performed in-house by the company’s own employees and staff.
Which is the best conclusion that can be drawn about the economies of the US and Western Europe?
9.1 Based on the map, which is the best conclusion that can be drawn about the economies of the US and Western Europe?
The US and Western Europe are strong because they have high GDPs.
When a country chooses to limit the kinds of goods or services?
When a country chooses to limit the kinds of goods or services it produces, it is
practicing specialization
.
Which statement accurately describes the globalization of markets?
Which statement accurately describes the globalization of markets?
National differences in tastes and preferences for consumer products is an important factor that acts as a brake on globalization.
Which statement best describes how businesses can take advantage of globalization?
Globalization
allows companies to find lower-cost ways to produce their products
. It also increases global competition, which drives prices down and creates a larger variety of choices for consumers. Lowered costs help people in both developing and already-developed countries live better on less money.
Which statement best describes the idea of globalization?
The correct answer is letter B:
The world is becoming more globalized and connected
. Due to modern means of communication and transportation, the world is unified. Some researchers believe that globalization is a natural process by which technology advances.
Which of the following statements best describes globalization?
Best described as
intensification of worldwide social relations and increasing interdependence
, globalization is the result of the compression of space and time through the development of new technologies.
How does globalization increase business growth?
Globalization has
enabled firms to specialize – and to increase the intensity of R&D, innovation and capital in their output
. Globalization has made it easier for new companies to start competing with old incumbents. The trade sector has increased the number of people that it employs, both through exports and imports.
What are the 4 characteristics of globalization?
In 2000, the International Monetary Fund (IMF) identified four basic aspects of globalization:
trade and transactions, capital and investment movements, migration and movement of people, and the dissemination of knowledge
.
What is globalisation in a business?
Globalization is
the increase in the flow of goods, services, capital, people, and ideas across international boundaries
, according to the online course Global Business.
Why countries businesses and individuals choose to be economically interdependent?
With economic interdependence comes economic growth. This affiliation
allows specialist industries to thrive
. And, the success can lead to job and wage/salary increases and an overall improvement to wealth and lifestyle. It can be seen that with this reliance, there is less inclination to go to war.
What are some of the outcomes from increasing global interdependence among companies?
Globalization and interdependence have economic effects, like the
increased competition between local and foreign businesses, investment of multinational companies in the developing world, employment opportunities in some regions, and unemployment in others
.
What are the causes and results of interdependence among nations?
The primary cause for economic interdependence is
industrialization and the advancement of a nation’s economy
. First, economic interdependence occurs within the nation shortly after industrialization, as the economy advances.
Why would the United States outsource production to another country?
Outsourcing by U.S. companies also benefits the U.S. economy because
the U.S. acquires goods from foreign countries at lower costs
. This benefits U.S. consumers, but it also benefits U.S. manufacturers that produce large, complex goods for export to other countries.
What are advantages and disadvantages of outsourcing?
- Cost Savings: …
- Increased Efficiency & Expertise. …
- Focus on Core Business Processes. …
- Reduced Operational, Infrastructural and Recruitment Costs. …
- Risk-Sharing. …
- Risk of Exposing Confidential Corporate Information. …
- Service Delivery. …
- Instability of Outsource Companies.
Is outsourcing a good business strategy?
It improves efficiency, cuts costs, speeds up product development, and allows companies to focus on their “ core competencies”
.
How can a nation benefit from effectively exporting its goods?
How can a nation benefit from effectively exporting its goods?
Its businesses can invest in the future
. have fewer economic restrictions.
What kind of advantage does a country have if it can make a product more efficiently?
Absolute advantage
refers to the ability of a country to produce a good more efficiently than other countries. In other words, a country that has an absolute advantage can produce a good with lower marginal cost (fewer materials, cheaper materials, in less time, with fewer workers, with cheaper workers, etc.).
What is the most common reason why countries create trade agreements?
For the United States, the main goal of trade agreements is to
reduce barriers to U.S. exports, protect U.S. interests competing abroad, and enhance the rule of law in the FTA partner country or countries
. Currently, the United States has 14 FTAs with 20 countries.
Which trade organization is responsible for 90% of the world’s trade?
The WTO
acts as a governing collective and decisions are made by the entire membership, typically by consensus. The WTO’s members consist of over 140 countries and account for over 90% of world trade. A World Trade Center is an apolitical organization that can be located in any country.
How can the United States benefit from specialization and trade?
The benefits of specialization include
a larger quantity of goods and services that can be produced, improved productivity, production beyond a nation’s production possibility curve, and finally, resources that can be used more efficiently
.
Why do small countries gain more from trade?
Consumers in smaller countries would always gain from mutual trade liberalization because
they would not only have access to cheaper goods and products of high quality, but also to more variety
.
