Chapter 2

Chapter 2 - Chapter 2 1. Globalization- social institutions...

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Chapter 2 1. Globalization- social institutions become adopted on a global scale a. Exports- good leaving the country b. Imports- good coming into the country c. Gross domestic product (GDP)- (Gross National Product (GNP)); measure the annual output of goods and services d. Global economy growing at a rapid rate e. Gross National Income- wealth of countries f. Globalization driven in part by rapid growth of int’l trade; search for new markets; advancements in communication g. Transformed the economic environment of individual consumers and employees h. Opens up new opportunities for investment i. Promoted cultural homogeneity but also introduces new trends 2. globalization’s winners and losers a. cost of labor has gone way down b. most U.S. firms have become much more global; competing w/ companies 3. nation’s are increasingly interdependent a. every nation needs imports and offers exports b. need international trade 4. Theory of Comparative Advantage- (David Ricardo); every country gains by
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Chapter 2 - Chapter 2 1. Globalization- social institutions...

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