Flashcards on Globalization and International Trade

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What is globalization?

Globalization is the process of increasing interconnectedness and interdependence among countries through the exchange of goods, services, information, and ideas.

What is international trade?

International trade refers to the exchange of goods, services, and capital across international borders.

Name two benefits of globalization.

1. Increased access to a variety of goods and services. 2. Economic growth and development.

What is the role of multinational corporations in globalization?

Multinational corporations play a significant role in globalization as they operate in multiple countries, facilitate international trade, and contribute to the global flow of capital, goods, and services.

How does globalization impact cultural diversity?

Globalization can lead to the spread of cultural ideas and practices, resulting in both increased cultural diversity and the potential for cultural homogenization.

What are trade barriers?

Trade barriers are government-imposed restrictions or policies that limit or control the flow of goods and services between countries. Examples include tariffs, quotas, and trade embargoes.

Explain the concept of comparative advantage in international trade.

Comparative advantage refers to the ability of a country to produce a particular good or service at a lower opportunity cost than other countries. It is the basis for specialization and trade.

What is the World Trade Organization (WTO)?

The World Trade Organization is an international organization that promotes and enforces global trade rules and agreements, facilitates negotiations, and resolves trade disputes between member countries.

How does globalization impact employment?

Globalization can lead to both job creation and job displacement, as it enables companies to access larger markets and lower production costs, but can also result in the outsourcing of jobs to countries with lower labor costs.

What is the balance of trade?

The balance of trade is the difference between the value of a country's exports and the value of its imports over a given period of time. A positive balance of trade indicates a trade surplus, while a negative balance of trade indicates a trade deficit.

What is foreign direct investment (FDI)?

Foreign direct investment refers to the investment by individuals, companies, or governments from one country in the businesses or assets of another country. It plays a significant role in globalization and international trade.

Explain the concept of trade liberalization.

Trade liberalization involves reducing or removing barriers to international trade, such as tariffs and quotas, in order to promote economic growth and increase the flow of goods and services between countries.

What are the main drivers of globalization?

The main drivers of globalization include advancements in technology, transportation, and communication, liberalization of trade and investment policies, and the growth of multinational corporations.

How does globalization impact the environment?

Globalization can have both positive and negative impacts on the environment. It can lead to increased resource consumption and environmental degradation, but also facilitate the spread of environmental innovations and cooperation.

What are some examples of regional trade agreements?

Examples of regional trade agreements include the European Union (EU), North American Free Trade Agreement (NAFTA), and Association of Southeast Asian Nations (ASEAN).

Discuss the controversy surrounding globalization.

The controversy surrounding globalization stems from concerns about its impact on income inequality, workers' rights, cultural homogenization, and environmental sustainability. There are ongoing debates and critiques of globalization's effects on various aspects of society

What is globalization?

Globalization is the process of increasing interconnectedness and interdependence among countries through the exchange of goods, services, information, and ideas.

What is international trade?

International trade refers to the exchange of goods, services, and capital across international borders.

Name two benefits of globalization.

1. Increased access to a variety of goods and services. 2. Economic growth and development.

What is the role of multinational corporations in globalization?

Multinational corporations play a significant role in globalization as they operate in multiple countries, facilitate international trade, and contribute to the global flow of capital, goods, and services.

How does globalization impact cultural diversity?

Globalization can lead to the spread of cultural ideas and practices, resulting in both increased cultural diversity and the potential for cultural homogenization.

What are trade barriers?

Trade barriers are government-imposed restrictions or policies that limit or control the flow of goods and services between countries. Examples include tariffs, quotas, and trade embargoes.

Explain the concept of comparative advantage in international trade.

Comparative advantage refers to the ability of a country to produce a particular good or service at a lower opportunity cost than other countries. It is the basis for specialization and trade.

What is the World Trade Organization (WTO)?

The World Trade Organization is an international organization that promotes and enforces global trade rules and agreements, facilitates negotiations, and resolves trade disputes between member countries.

How does globalization impact employment?

Globalization can lead to both job creation and job displacement, as it enables companies to access larger markets and lower production costs, but can also result in the outsourcing of jobs to countries with lower labor costs.

What is the balance of trade?

The balance of trade is the difference between the value of a country's exports and the value of its imports over a given period of time. A positive balance of trade indicates a trade surplus, while a negative balance of trade indicates a trade deficit.

What is foreign direct investment (FDI)?

Foreign direct investment refers to the investment by individuals, companies, or governments from one country in the businesses or assets of another country. It plays a significant role in globalization and international trade.

Explain the concept of trade liberalization.

Trade liberalization involves reducing or removing barriers to international trade, such as tariffs and quotas, in order to promote economic growth and increase the flow of goods and services between countries.

What are the main drivers of globalization?

The main drivers of globalization include advancements in technology, transportation, and communication, liberalization of trade and investment policies, and the growth of multinational corporations.

How does globalization impact the environment?

Globalization can have both positive and negative impacts on the environment. It can lead to increased resource consumption and environmental degradation, but also facilitate the spread of environmental innovations and cooperation.

What are some examples of regional trade agreements?

Examples of regional trade agreements include the European Union (EU), North American Free Trade Agreement (NAFTA), and Association of Southeast Asian Nations (ASEAN).

Discuss the controversy surrounding globalization.

The controversy surrounding globalization stems from concerns about its impact on income inequality, workers' rights, cultural homogenization, and environmental sustainability. There are ongoing debates and critiques of globalization's effects on various aspects of society

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