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I B LEC CH 1

International busUT

QuestionAnswer
What is globalization - book Shift towards a more integrated and interdependent world economy --- more like the definition of economic globalization
Wider definition of globalization the act of process of becoming more globally integrated or interconnected
lecture definition of globalization the process of bringing the world closer, faster with informational and cultural aspects - economics and globalization's ties - movement of people creates a movement of trade, inventory, or prodcuts
Converse of globalization the incremental elimination of traditional geopolitical, cultural, and economic barriers
Globalization of markets the merging of historically distinct and separate national markets into one huge global market. the continual growth of markets
Markets are always getting ______ which means _____ bigger, more choices
Globalization of production the sourcing of goods and services from locations around the world
Different forms of globalization of production 1. components and raw materials 2. production
Components and raw materials in globalization of production countries using materials natural to their country to their advantage (wood, tools, etc)
Production in globalization of production bringing in products (finished or something not raw) into the country to use for something else ** example barrel in US bought by Scotland to age whiskey
Factors of production 1. land 2. capital 3. materials and goods 4. labor 5. infrastructure 6. energy and its consistency 7. time 8. technology 9. terroir - environment, geography
Drivers of globalization 1. declining barriers, less tension between states/nations 2. Technological changes - transportation, computers, communication 3. supporting organizations
types of supporting organizations for the drives of globalization WTO - world trade organization GATT - general agreement on tariff and trade IMF - World Bank UNCITRAL WIPO ITU
WTO where you go when you have an issue with a country promotes the rules of international trade intellectual property
GATT General agreement on tarriff and trade, after WW@, a way to establish promote international dealings to prevent another global war
IMF loans to countries that are going through an economic issue - comes with attachments that can be controversial to the ethics of different countries
World Bank provides loans to developing countries for infrastructure
UNCITRAL commission that formulates and regulates international trade in cooperation with the WTO
WIPO world intellectual property ORG
ITU international telecommunication
Trends in Global Economy increasing trade and FDI reduced trade barriers shift from developed to developing greater wealth and economic convergence GDP and trade growth (increasing trend) individual coutries are producing more and more trade
Who is a opposed to globalization small business owners labor unions environmental groups natives nationalists social conversationalists*** humanitarians industrial lobbyiest consumer groups against the standards of other countries
Who is for globalization transatlantic and multinational corporations MNC's **** consumers - wider range of products investors social liberalists
Moore's Law the power of microprocessor technology doubles and its costs of production falls in half every 18 seconds
US has the largest GDP even though China has higher production
Stock of Foreign Direct Investment The total cumulative value of foreign-owned assets at a given time
Multinational Enterprise a firm that owns assets in multiple countries
Created by: AMiC4353
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