Globalisation

Question 1

Globalisation

Answer 1

The process in which national economies become increasingly integrated and interdependent

Question 2

Causes of globalisation

Answer 2

Trade liberalisation
Trading blocs
Growth of MNCs
Technological advances
Greater mobility of capital and labour

Question 3

Advantages of globalisation

Answer 3

Lower prices
Benefits of trade
Greater employment
Large economies of scale
Free movement of capital and labour

Question 4

Disadvantages of globalisation

Answer 4

Growing inequality
Higher structural unemployment
Environmental costs
Trade imbalances
Risk of external shocks
Less cultural diversity