Exam (elaborations)
Chapter 1 - Globalization Detailed Questions And Expert Answers
- Course
- Globalization
- Institution
- New York University
Chapter 1 - Globalization Detailed Questions And Expert Answers
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Chapter 1 - Globalization Detailed QuestionsAnd Expert Answers
Globalization - ANS the trend towards a more integrated global economic system
Globalization of markets - ANS the merging of historically distinct and separate
national markets into one huge global marketplace
Globalization of production - ANS the sourcing of goods and services from
locations around the globe to take advantage of national differences in the cost
and quality of factors of production(labor energy, land, and capital)
Factors of Production - ANS labor energy, land, and capital
Role of Global Institutions - ANS 1. manage, regulate, and police the global market
place
2. promote the establishment of multinational treaties to govern the global
business system
Notable global institutions include: - ANS theWorld Trade Organization (WTO)
the International Monetary Fund (IMF)
the World Bank
the United Nations (UN)
, Two macro factors driving the move toward greater globalization: - ANS
1.declining trade and investment barriers
2.technological change
International Trade - ANS occurs when a firm exports goods or services to
consumers in another country
Foreign Direct Investment (FDI) - ANS occurs when a firm invests resources in
business activities outside its home country
How has world output and world trade changed over the last 50 years? Well, in
the 1960's... - ANS the U.S. dominated the world economy and the world trade
picture
the U.S. dominated world FDI
U.S. multinationals dominated the international business scene
about half the world--the centrally planned economies of the communist world--
was off limits to Western international business
How has the foreign direct investment picture changed over the last 50 years? -
ANS 1. The share of world output generated by developing countries has been
steadily increasing since the 1960s
2. The stock of foreign direct investment generated by rich industrial countries is
declining
3. Cross-border flows of foreign direct investment are rising
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