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Globalization and Free Trade

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Questions and Answers

What is one of the primary benefits of globalization for less developed countries?

Reduced economic competition from other countries

Access to jobs and investment funds (correct)

Access to lower cost resources and labor

Implementation of protectionist trade policies

What is the main goal of promoting free trade?

To protect domestic industries from foreign competition

To reduce government intervention in the economy

To promote economic growth and development (correct)

To increase tariffs and trade barriers

What is a consequence of globalization for more developed countries?

Limited access to investment funds

Increased access to higher cost resources and labor

Access to lower cost resources and labor (correct)

Reduced economic growth and development

What is a result of globalization for the global economy?

<p>A shift of jobs and capital to less developed countries</p> Signup and view all the answers

What is a benefit of globalization for the economy?

<p>Access to new markets and resources</p> Signup and view all the answers

Study Notes

Globalization and Resource Allocation

Globalization shifts jobs and capital to areas that require them, promoting economic growth and development.
It allows more developed countries to tap into lower-cost resources and labor, increasing their competitiveness.
Less developed countries benefit from globalization by gaining access to jobs and much-needed investment funds for development.

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Description

Understand the concept of globalization and its effects on economies, including the flow of jobs, capital, and resources between developed and developing countries.