Economic Globalization Wrld Hist 1 by Paulina Bui

Words to Know
-multinational coporation

Globalization is the process of countries becoming more connected over time. The results are:
-greater interdependence between countries
-larger markets for goods and services.

Global Communcation & Business
The internet allows instant business communication worldwide. This information allows people to:
-monitor economic trends.
-buy and sell instantly online

Global Transportation & Business
Faster methods of transportation have changed the way companies do businesses, allowing them to:
-ship resources and products around the world quickly.

-sell product globally.

Global Workforces & Businesses
Better transportation and communication allow companies to use global workforce. Advantages include:
-outsourcing work to laborers in other countries.
-cutting labors costs to make higher profits.

Which statements best describe how businesses can take advantage of globalization? Select all that apply.
-using lower labor costs in other countries
-transporting resources quickly from distant locations
-communicating more quickly with other countries

Multinational Corporation
Multinational corporation are increasingly operating across borders. They typically:
-are based in one nation.

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-operate in many nations.
-create and sell products globally.

Trade Organization
Globalization has led groups of nations to join trade organizations that:
-help regions compete.
-allow countries to integrate to pool their resources.
-lower barriers to trade.

The North American Free Trade Agreement
The North American Free Trade Agreement is a free trade agreement between the U.S, Canada, and Mexico that:
-allows good and services to flow across the nation’s borders with fewer taxes.
-help multinational corporations take advantage of resources across borders.

The European Union
The European Union was created to help member countries trade more freely.

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This organization:
-share a common currency.
-created a common market, allowing free movement of people and goods.

Commodity Organizations
Commodity organizations are formed by nations that participate in similar industries. Their goals are to:
-regulate the supply of products.
-increase profits for member nations.
-cooperate to respond to global economic trends.

Organization of the Petroleum Exporting Nations
The organizations of the petroleum exporting nations is an organization that:
-set petroleum policies for its members.
-establishes prices.
-regulates supplies to benefit its members economies.

International Economic Organization
International organizations solve economic problems through:
-handling global trade issues.
-helping developing countries expand.
-monitoring the global economy.

World Trade Organization
The World Trade Organization oversees trade policies around the world by:
-resolving trade disputes.
-promoting trade in developing countries.

The Global Economy & Developed Nations
Globalization has made developed nations more reliant on providing services in their economies. They:
-outsource manufacturing to developing nations.
-provide more products for sale.

Future Challenges for Developed Nations
Most developed nations are facing common economic problems, such as:
-slower economic growth.
-difficulty finding jobs for less-educated workers
-aging populations.

The Global Economy & Developing Nations
Globalization has led to economic growth in developing nations. This growth is evident in:
-increased jobs.
-growth of middle class.
-rise in standard of living.

Future Challenges for Developing Nations
As developing nations grow economically, many have social issues, including:
-population growth.
-environmental problems.
-provision of democratic rights.

Future Challenges for All Countries
As economies grow, their demand for commodities grow. This increase leads to:
-higher cost for energy (oil).
-higher demand for raw materials.
-higher prices for all countries, even developing nations.

Developed economies
-use outsourcing to take advantage of opportunities in developing countries.
-face aging populations and slow economic growth.

Developing economies
-have economies that are growing quickly.
-need to solve social and environmental issues as they grow.

High Population Growth Rates

Why does high population growth cause problems in countries with low economic growth? Select all that apply.

-High population growth can lead to poor education.
-High population growth can lead to poverty.
-Economic growth generally cannot match population growth.
-High population growth can create environmental issues

Cite this page

Economic Globalization Wrld Hist 1 by Paulina Bui. (2017, Dec 21). Retrieved from

Economic Globalization Wrld Hist 1 by Paulina Bui

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