BUSMHR 2000 Exam 1 Study Guide with Complete Solutions
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Module
BUSMHR
Institution
BUSMHR
BUSMHR 2000 Exam 1 Study Guide with
Complete Solutions
Globalization - Answer-The shift toward a more integrated and interdependent
world economy.
Globalization of markets - Answer-The merging of historically distinct and
separate national markets into one huge global marketplace.
Globalizati...
Lowering barriers to international trade - Answer✔✔--Enables firms to view the world
as their market.
-Allows firms to base production at the optimal location for that activity.
World trade growth - Answer✔✔--Volume of world trade in merchandised goods has
grown TWICE the rate of the world economy since 1950.
-By 2012, world trade was 32 times LARGER than in 1950; but world economy was 8.9
times larger. (bad)
-Volume of world trade was THREE times larger in 2012 than in 1990; world economy
was 1.62 times larger.
Why world trade is growing faster than world GDP - Answer✔✔--Firms are dispersing
parts of their production process to different locations around the globe (decreases
production costs, increases product quality).
-Economies of the world's nation-states are becoming more intertwined as trade
expands.
-The world has become significantly wealthier since 1990 (due to rising trade).
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