globalization

Question 1

define globalization

Answer 1

process by which world becomes increasingly interconnected as a result of increase trade + cultural change

Question 2

advantages of globalization

Answer 2

• better + cheaper products
• cultural exchange
• technology improvement
• better transport
• communication facilities
• international trade

Question 3

disadvantages of globalization

Answer 3

• delocalization creates unemployment in developed countries
• dependance on other countries
• market domination
• job insecurity : creates jobs for people in developing countries who are then exploded by bad job conditions and low wage
• mix of cultures can lead to loss of identity
• gap between rich + poor increases

Question 4

define free trade

Answer 4

an international trade were no tarrifs or other restrictions are found

Question 5

define fair trade

Answer 5

arragement designed to help producers in growing countries achieve sustainable + equitable trade relationships