Podcast
Questions and Answers
What is a negative consequence of globalization mentioned in the text?
What is a negative consequence of globalization mentioned in the text?
- Increased job opportunities for skilled workers
- Decreased prices for high-quality products
- Terrorists entering countries under the guise of worker visas (correct)
- Reduced impact on social welfare in developed countries
How does globalization impact job insecurity according to the text?
How does globalization impact job insecurity according to the text?
- Higher salaries for skilled workers
- Increased government sector employment opportunities
- Decreased job security for skilled workers (correct)
- Job opportunities for college graduates
What contributes to price instability in the context of globalization?
What contributes to price instability in the context of globalization?
- High wages for workers in developed countries
- Increased competition within domestic markets
- Consistent pricing of high-quality products
- Establishing industries overseas for cheaper production costs (correct)
How do Western countries respond to global competition according to the text?
How do Western countries respond to global competition according to the text?
What is a direct result of increased production due to globalization, as mentioned in the text?
What is a direct result of increased production due to globalization, as mentioned in the text?
Why do some industries establish overseas operations according to the text?
Why do some industries establish overseas operations according to the text?
In what way does globalization impact the transport sector, as mentioned in the text?
In what way does globalization impact the transport sector, as mentioned in the text?
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Study Notes
Negative Consequences of Globalization
- Cultural homogenization leads to the loss of local identities and traditions.
- Increased economic disparity between developed and developing nations.
Impact on Job Insecurity
- Global competition results in outsourcing, leading to job losses in higher-wage countries.
- Workers face uncertainty as companies relocate to countries with lower labor costs.
Contributing Factors to Price Instability
- Volatile global supply chains are affected by political instability and natural disasters.
- Fluctuations in foreign exchange markets can cause significant pricing variations.
Western Countries' Response to Global Competition
- Implementation of protectionist measures, such as tariffs and quotas, to shield local industries.
- Encouragement of innovation and technological advancement to maintain competitive edge.
Direct Results of Increased Production
- Overproduction can lead to excess supply, driving down prices and profitability.
- Strain on natural resources and environment due to intensified manufacturing efforts.
Reasons for Establishing Overseas Operations
- Lower operational costs enable firms to maximize profits in competitive markets.
- Access to new markets facilitates growth opportunities and customer bases.
Impact on the Transport Sector
- Increased demand for international shipping services due to expanded global trade.
- Strain on infrastructure and transportation systems as logistics challenges grow.
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