Globalization Preparation Overview

Questions and Answers

Which of the following is NOT considered a natural resource?

Labor (correct)

Wildlife

Water

Soil

Free trade involves the use of tariffs and quotas to control international trade.

False

What is one key component needed for a country to prepare for globalization?

Education

_____ refers to the economic and political system where industries are controlled by private owners.

Capitalism Signup and view all the answers

Match the following components with their descriptions:

Infrastructure = Basic physical structures for society Transnational Migration = Movement of people for employment Mass Media = Global information flow Technology and Internet = Facilitates communication without borders Signup and view all the answers

Which of the following is a negative aspect of globalization?

Harm to developing economies Signup and view all the answers

Job displacement can occur due to economic recessions.

True Signup and view all the answers

What does the term 'brain drain syndrome' refer to?

The situation where a country loses its best workers. Signup and view all the answers

Trade liberalization can threaten developing nations by forcing them to compete with _____ economies.

stronger Signup and view all the answers

Match the negative impacts of globalization with their descriptions:

Environmental costs = Includes carbon emissions and pollution Job displacement = Involuntary job loss due to various factors Cultural diversity = Exposure to new experiences and tastes Brain drain syndrome = Loss of a country's best workers Signup and view all the answers

Study Notes

Globalization Preparation Needs

Infrastructure: Essential physical and organizational structures required for societal and enterprise functionality.
Education: Fundamental for development, forming the basis for economic and social well-being.
Human Resources: Involves recruitment, training, labor laws, communication, expatriation, attracting, and retaining talent.

Natural and Economic Resources

Natural Resources: Include air, land, water, wildlife, plants, and soil; crucial for meeting basic needs like food, energy, and health.
Free Trade: International trade without tariffs, quotas, or restrictions facilitating seamless goods exchange.

Information Flow and Communication

Mass Media: Global information dissemination influenced by capitalism, technology, and commercialism, primarily benefiting Western markets.
Technology and Internet: Enable communication without face-to-face interaction, transcending physical borders.
Social Media & Networking: Platforms for creating and sharing information and videos through computer and internet tools.

Migration and Economic Systems

Transnational Migration: Movement of people across countries for various reasons, including economic opportunities as foreign or guest workers.
Capitalism: Economic and political framework where industries and trade are privately controlled, governed by supply and demand rather than state ownership.

Threats and Governance

Terrorism: Use of violence to create fear and exert control over societies.
International Organizations (Regionalism): Groups functioning across borders to address global issues collaboratively.
State's Sovereignty: The authority of a governing body to self-govern without external interference.

Positive Effects of Globalization

Business Expansion: Greater competition and technological advancements foster increased investment and production efficiency.
Labor Impact: Creation of jobs that generate incomes, leading to tax revenue and increased goods production both locally and globally.
Trade Opportunities: Countries trade resources they lack, enhancing economic interdependence.
New Production Processes: Adaptation from raw materials to finished products boosts manufacturing capabilities.

Negative Effects of Globalization

Harm to Developing Economies: Trade liberalization pressures weaker economies to compete with stronger ones, threatening their stability.
Environmental Costs: Impacts include carbon emissions, pollution, energy consumption, and depletion of natural resources.
Natural Calamities: Events causing significant societal harm following disasters can overwhelm local resources and recovery efforts.
Brain Drain: Loss of skilled workers to other countries, undermining local talent pools.
Cultural Homogenization: Diminishing cultural diversity as global influences overshadow local traditions.
Job Displacement: Economic shifts and company restructures can lead to involuntary job losses, especially among less educated workers.

Description

Explore the essential factors a country must address to prepare for globalization. This quiz covers critical components like infrastructure, education, and human resources that form the backbone of a successful framework for engaging with the global economy. Test your understanding of these fundamental concepts.