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Name: _________________________________________ Date: __________ Block: __________Study Guide: Unit 5 – GlobalizationConcept 1: Foundations of globalizationImportant Vocabulary:GlobalizationInterdependenceWTOMcDonaldizationWhat is globalization?What fuels globalization?With regards to culture, what are the arguments for and against globalization?What are the other pros and cons of globalization?Concept 2: Global Trading PatternsImportant Vocabulary:SpecializationComparative AdvantageAbsolute AdvantageOpportunity CostWhy do nations specialize and trade?What is the major difference between comparative advantage and absolute advantage? Which is most important when deciding what a country should produce versus trade and why?List and describe three sources of comparative advantage and provide an example for each.Be able to calculate opportunity costs and comparative advantage… Practice problems are on the next page…Karl can wash 6 cars or wax 3 cars per hour while Tom can wash 3 cars or wax 3 cars per hour.Productivity TableCars washed per hourCars waxed per hourKarl63Tom33Determine Karl and Tom’s opportunity costs for washing and waxing cars and fill in the table below: Opportunity CostsOpportunity cost of washing a carOpportunity cost of waxing a carKarlTomIn which service should each person specialize?Washing cars:Waxing cars: Elizabeth can make 3 pies or bake 6 cakes per hour while Benjamin can make 2 pies or bake 8 cakes per hour.Productivity TablePies per hourCakes per hourElizabeth36Benjamin28Determine Karl and Tom’s opportunity costs for washing and waxing cars and fill in the table below:Opportunity CostsOpportunity cost a pieOpportunity cost of a cakeElizabethBenjaminIn which service should each person specialize?Pies:Cakes: Concept 3: Distribution of ResourcesImportant VocabularyHuman CapitalPhysical CapitalEmigrationImmigrationProperty RightsSaving InvestingTradeBrain DrainWhat is the difference between immigration and emigration?What is the overall impact of migration on economic growth?What is the difference between skilled workers and unskilled workers?Why do some immigrants – such as doctors – earn high salaries in the U.S. while others – such as agricultural workers – earn very low wages?What is the impact of migration on the general level of wages?What is the impact of migration on taxes?What is brain drain? What are the major problems? What are some possible positives of brain drain?Concept 4: Trade PoliciesImportant Vocabulary:OffshoringOutsourcingTariffQuotaSubsidyDomestic PriceWorld PriceList and describe the keys to long-term economic growth.How can some nations with few natural resources, such as Japan and Singapore, be relatively wealthy?How can other nations with vast amounts of natural resources, such as Nigeria and Russia, be relatively poor? How important are natural resources when it comes to a nation’s wealth? What other factors may come into play when it comes to a country’s economic success?How do trade policies impact economic development?Why would the government implement trade policies where the costs exceed the benefits?Amongst domestic consumers, domestic producers, foreign producers, and foreign consumers: Who gains/loses with regards to tariffs, quotas, and subsidies? ................
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