Globalization since 1990 for a test

What is globalization?

The process of increased interconnectedness among countries, economically, politically, and culturally.

Impact of the internet on globalization?

The internet facilitates communication and commerce, making global interaction faster and more efficient.

True or false: Globalization only benefits developed countries.

False, because it can also provide developing countries with new markets and technologies.

Difference between globalization and internationalization?

Globalization refers to the process of integration, while internationalization focuses on expanding business operations in multiple countries.

What is cultural imperialism?

The dominance of one culture over others, often through media and consumer products, leading to a loss of local cultures.

Fill in the blank: The _____ Agreement aimed to reduce trade barriers in North America.

North American Free Trade Agreement (NAFTA)

What is the World Trade Organization (WTO)?

An international organization that regulates trade between nations to ensure smooth and fair trade practices.

Question: What economic shift occurred in China since 1990?

China transitioned from a planned economy to a market-oriented economy, boosting global trade.

True or false: Globalization increases environmental degradation.

True, because increased production and consumption often lead to greater resource depletion.

What is outsourcing?

The practice of hiring external firms to perform services or produce goods, often to reduce costs.

Comparison: Free trade vs. protectionism?

Free trade promotes open markets and minimal tariffs, whereas protectionism seeks to shield domestic industries from foreign competition.

What role do multinational corporations (MNCs) play?

MNCs operate in multiple countries, driving investment, job creation, and spreading technology and culture.

Fill in the blank: The _____ was established to promote economic cooperation in Europe.

European Union (EU)

What is a global supply chain?

A network of production and distribution processes that spans multiple countries, optimizing resources and costs.