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Questions and Answers
What does economic globalization refer to?
The increasing interdependence of world economies as a result of the growing scale of cross-border trade of commodities and services, flow of international capital and rapid spread of technologies.
Which of the following are categories of nations in the modern world system according to Immanuel Wallerstein?
What is protectionism?
Government policies that restrict international trade by imposing tariffs, quotas, product standards, and subsidies.
What is one goal of imposing tariffs?
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What is the role of communication and technology in economic globalization?
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Goods and services are part of economic globalization, with goods being tangible objects that satisfy people's wants, and services being _____.
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What are the primary tools of protectionism?
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Study Notes
Overview of Economic Globalization
- Economic globalization involves the increasing interdependence of world economies.
- Encompasses the flow of goods, services, capital, labor, and technology across borders.
- Influences the availability of local products in international markets, e.g., Philippine goods in America and Canada.
Learning Objectives
- Define economic globalization.
- Identify the actors that facilitate economic globalization.
- Understand the modern world-system concept.
- Evaluate global economic integration stances.
Modern World-System
- Proposed by Immanuel Wallerstein, the world is categorized into three economic levels: Core, Semi-Periphery, and Periphery.
- Each category consists of nations with varying levels of development and economic power.
Dimensions of Economic Globalization
- Goods and Services: Tangible products and services fulfilling consumer needs.
- Capital: Total assets necessary for a company’s functioning and wealth creation.
- Communication and Technology: Technological advancements aid global economic integration through enhanced trade and investment flows.
- Market Exchange: Economic system driven by price, supply, and demand influencing the production, distribution, and exchange of goods and services.
Associated Economies with Economic Globalization
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Protectionism: Strategies limiting international trade through tariffs, quotas, and subsidies to promote domestic economy.
- Goal: Encourage local consumption and ensure product safety and quality.
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Primary Policy Tools:
- Tariffs: Taxes imposed on imports that can elevate product prices and generate government revenue while safeguarding local industries.
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Description
This quiz covers key concepts from Unit II of the Global Economy curriculum. It explores economic globalization, the role of institutions, and the various forms of economic integration. Prepare to examine the advantages and disadvantages of these economic systems in today's society.
