3.2.4.4 Globalization

• Technological advancements facilitate global connections through improvements in transportation, communication, and information technology
• Match the factor of globalization with its description:

  Technological Advancements ↔️ Improvements in transportation and communication

  Reduced Trade Barriers ↔️ Lower tariffs and quotas through trade agreements

  Multinational Corporations ↔️ Large companies operating in multiple countries

  Increased Capital Mobility ↔️ Easier flow of investment and currency
• Globalization has led to greater integration of national economies
• Globalization results in decreased labor mobility across borders.

  False
• Cultural exchange in globalization promotes mutual understanding and tolerance
• What is one potential negative impact of technological advancements in globalization?

  Job displacement due to automation
• Arrange the key features of globalization based on their role in connecting economies and societies:

  1️⃣ Economic Integration

  2️⃣ Technological Advancements

  3️⃣ Cultural Exchange

  4️⃣ Global Governance
• What must policymakers do to harness the benefits of globalization while mitigating its negative impacts?

  Manage the tradeoffs
• What does the term "Globalization" refer to in economics?

  Increasing interconnectedness and interdependence
• Reduced trade barriers, such as lower tariffs, promote globalization by encouraging international trade.


  True
• What is one outcome of increased capital mobility in globalization?

  Emergence of a global marketplace
• Arrange the key features of globalization in order of their primary impact on interconnectedness:

  1️⃣ Technological Advancements

  2️⃣ Reduced Trade Barriers

  3️⃣ Multinational Corporations

  4️⃣ Increased Capital Mobility
• What is one example of economic integration in globalization?

  Increased cross-border trade
• Offshoring and outsourcing can lead to job losses in domestic industries due to globalization.

  True
• Technological advancements in globalization facilitate global interactions through improved transportation, communication, and information technology
• Match the key feature of globalization with its description:

  Economic Integration ↔️ Fosters global supply chains and markets

  Technological Advancements ↔️ Enables seamless global connections

  Cultural Exchange ↔️ Enriches societies with diverse ideas

  Global Governance ↔️ Regulates economic and political interactions
• The impact of globalization on economies includes both positive and negative effects
• What is the primary role of international organizations in globalization?

  Promote global governance
• International organizations help create a more interconnected and interdependent global economy.


  True
• Globalization can lead to the loss of local cultural identity
• Order the key drivers of globalization:

  1️⃣ Technological Advancements

  2️⃣ Reduced Trade Barriers

  3️⃣ Multinational Corporations

  4️⃣ Increased Capital Mobility
• What are the key features of globalization?

  Economic integration, technological advancements, cultural exchange, global governance
• Technological advancements in globalization can lead to potential job displacement due to automation.


  True
• Cultural exchange in globalization leads to increased understanding and tolerance.


  True
• International organizations create a more interconnected and interdependent global economy
• What is one drawback of increased trade and economic growth in globalization?

  Increased competition
• Income inequality is a drawback of globalization because its benefits are not evenly distributed.

  True
• What must policymakers manage to ensure balanced benefits from globalization?

  Tradeoffs
• Advancements in communication technologies have enabled instant global communication through the internet.


  True
• Technological breakthroughs have reduced barriers to global trade, investment, and labor mobility
• How have improvements in transportation affected globalization?

  Faster and cheaper movement
• Increased competition due to globalization can lead to job losses in domestic industries.


  True
• Match the international organization with its role in globalization:

  World Trade Organization (WTO) ↔️ Establishes trade rules

  United Nations (UN) ↔️ Facilitates cooperation

  International Monetary Fund (IMF) ↔️ Provides financial stability
• What is a major benefit of globalization for consumers?

  Cheaper goods and services
• Globalization refers to the increasing interconnectedness of economies and societies worldwide.


  True
• Match the feature of globalization with its description:

  Economic Integration ↔️ Increased trade and investment

  Technological Advancements ↔️ Improved communication and transportation

  Cultural Exchange ↔️ Sharing of ideas and lifestyles

  Global Governance ↔️ Regulates international interactions
• Globalization increases competition and pressure on domestic industries
• Match the international organization with its role:

  WTO ↔️ Sets standards for global trade

  UN ↔️ Facilitates global cooperation

  ICJ ↔️ Resolves conflicts between countries

  World Bank ↔️ Aids developing countries
• The UN provides a platform for countries to collaborate on global issues.


  True
• Cultural exchange through globalization enriches societies but may lead to a loss of cultural identity