Exam 1 Study Questions Spring 2008

Exam 1 Study Questions Spring 2008 - Here are some broad...

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Here are some broad questions (which imply some detail to effectively answer) that may also help you with preparation for the exam: What is globalization, what has been happening with it, what are its causes, and what are the pros and cons of increasing globalization? Globalization refers to the shift toward a more integrated and interdependent world economy. Globalization of markets refers to the merging of historically distinct and separate national markets into one huge global marketplace. Globalization of production refers to the sourcing of goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors of production. More and more companies are moving towards the globalization trend. Its causes are mostly from lower labor, energy, land, and capitol prices, also for the want and need of a global market. Pros Cons Lower prices for goods and services, also products that we normally wouldn’t have Destorys manufacturing jobs in wealthy, advanced countries -issues like, are we able to ramp up for a war like WWII, are being raised Economic growth stimulation, NAFTA responsible for more trade with Canada & Mexico Wage rates of unskilled workers in advanced countries declines -High School diploma not worth as much anymore Increase in consumer income Companies move to countries with fewer labor and environmental regulations Creates jobs
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Exam 1 Study Questions Spring 2008 - Here are some broad...

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