Economic Globalization Past Paper PDF

### What is Gross Domestic Product (GDP) used to measure? - Total value of all goods and services produced in a country in a year. ### What do developing countries guarantee to TNC’s looking to outsource their production? - Cheap labor costs ### Who are Frederick Hayek and Milton Friedman? Wh...

### What is Gross Domestic Product (GDP) used to measure? - Total value of all goods and services produced in a country in a year. ### What do developing countries guarantee to TNC’s looking to outsource their production? - Cheap labor costs ### Who are Frederick Hayek and Milton Friedman? What type of economy do they favor? - Both are capitalist extremists (favor capitalism). ### What is the strongest criticism of Transnationals? - TNC’s could have too much power in influencing decisions of governments. ### Explain how transnationals threaten the economic sovereignty of developing nations? - TNC’s bring a lot of profit to countries, making them powerful. ### How is globalization creating an unbalanced method of trade in terms of importing and exporting? - Exploitation and barely any security across trade routes. ### Explain how making maximum profit and having ethical practices are sometimes at odds with each other? - More profit sometimes means making practices that are not ethical. ### What is climate change? And what does it have to do with the economy? - General change in the global weather/temperature. - Use of practices of industrialization (pollution on the environment). ### Describe the concept of shipbreaking and why it has moved to developing countries? - Ships being put through the polls to be dismantled by workers (highly unsafe). - Developing countries can dismantle ships for low labor costs ### What was the goal of the Paris Agreement in 2015? - To reduce global emissions ### Why are traditional forms of energy still dominant today over alternative energy forms? - Traditional energy is more cheaper. ### Describe the UN’s commitment to implement global sustainability? - UN has goals to note a more sustainable world. ### Overall, who benefits most from economic globalization? - Wealthy/Business people.