Podcast
Questions and Answers
Purchasing power parity is used to compare the gross domestic product between?
Purchasing power parity is used to compare the gross domestic product between?
countries.
How has globalization made countries more interdependent? (Select all that apply)
How has globalization made countries more interdependent? (Select all that apply)
One way to measure economic growth is by using GDP, which stands for?
One way to measure economic growth is by using GDP, which stands for?
Gross Domestic Product
The business practice of hiring workers in another country is known as?
The business practice of hiring workers in another country is known as?
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How does globalization cause the foreign sector to influence the economy?
How does globalization cause the foreign sector to influence the economy?
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Global trade provides consumers with?
Global trade provides consumers with?
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Technologies that allow for instant worldwide communication include?
Technologies that allow for instant worldwide communication include?
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How have airplanes changed the way the world does business? (Select all that apply)
How have airplanes changed the way the world does business? (Select all that apply)
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What are the most likely reasons a US corporation would open a factory in China? (Select all that apply)
What are the most likely reasons a US corporation would open a factory in China? (Select all that apply)
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Which best describes the effect of globalization on China's economy?
Which best describes the effect of globalization on China's economy?
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Recent improvements in __________ have increased the pace of globalization.
Recent improvements in __________ have increased the pace of globalization.
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Gross domestic product tracks economic growth by measuring all goods and services?
Gross domestic product tracks economic growth by measuring all goods and services?
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Which statement best describes how globalization connects the world?
Which statement best describes how globalization connects the world?
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Based on the map, which is the best conclusion that can be drawn about the economies of the US and China?
Based on the map, which is the best conclusion that can be drawn about the economies of the US and China?
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The concept shown in the images comparing the cost of the same bike in the United States and Britain is known as?
The concept shown in the images comparing the cost of the same bike in the United States and Britain is known as?
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How has Internet access changed and affected globalization from 2003 to 2013?
How has Internet access changed and affected globalization from 2003 to 2013?
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Study Notes
Purchasing Power Parity
- Used to compare the gross domestic product (GDP) between countries.
- Illustrates how currency values impact economic comparisons.
Global Interdependence
- Countries depend on each other for vital resources, new industries, and trade opportunities.
- Reliance on international imports and exports creates economic links.
- Cheaper products available through global trade enhance consumer options.
Economic Growth Measurement
- GDP stands for Gross Domestic Product.
- GDP measures economic growth by accounting for all goods and services produced within an economy.
Outsourcing
- Outsourcing refers to hiring workers in another country, impacting job distribution and economic dynamics.
Foreign Sector Influence
- The foreign sector significantly affects the movement of imports and exports between firms and households.
- Globalization facilitates international economic interactions.
Global Trade Benefits
- Contributes to more consumer options and lower prices in the marketplace.
- Increased competition from global trade leads to better pricing strategies.
Communication Technologies
- Mobile phones and Internet access are key technologies enabling instant worldwide communication.
- These advancements help bolster globalization.
Impact of Air Travel
- Airlines have made long-distance travel more affordable and faster.
- Created new trade markets and expanded consumer travel options across borders.
US Corporations and China
- US corporations often establish factories in China to exploit affordable land prices, abundant resources, lower labor costs, and favorable tax laws.
- These incentives lead to increased foreign direct investment.
Globalization's Effect on China's Economy
- From 2000 to 2010, China experienced a shift toward specialization in industry and services, reducing its reliance on agriculture.
Technology and Globalization
- Recent technological advancements have accelerated the pace of globalization, facilitating trade and communication.
Conclusion on Globalization
- Globalization connects the world by fostering new forms of transportation, communication, and technology.
- It expands the global economy through interconnected markets.
Comparative Economic Strength
- The US and China maintain strong economies, evidenced by their high gross domestic product figures.
Purchasing Power Parity Illustration
- The cost of identical products, such as bikes, across different countries exemplifies purchasing power parity.
Internet Access and Globalization
- Between 2003 and 2013, a 30% increase in Internet access contributed to the acceleration of globalization effects.
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Description
Test your knowledge on globalization concepts and terms with these flashcards. Learn about purchasing power parity and the interdependence of countries in today's global economy. Perfect for students and anyone interested in economics.
