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[Pages:11]Warm-Up Economic Globalization
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Lesson Question
How has globalization influenced the world economy?
Lesson Goals
Learn about the globalization .
Explain how globalization has
affected businesses .
Explore the impact of globalization
on developed and
developing
nations.
Analyze the rise of regional international organizations and
trade agreements .
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Warm-Up Economic Globalization
W2K
Words to Know
Fill in this table as you work through the lesson. You may also use the glossary
to help you.
integrate
to combine parts, such as nations, into a
whole , such as the global economic system
globalization
the process of countries around the world
exchanging ideas, doing business, and trading
the dependence of national economies on interdependence
one another
multinational corporation
a corporation that is based in one country but operates across borders
outsourcing
the process of sending jobs to another country to take advantage of lower labor costs
Globalization
Globalization is the process of countries' becoming more connected over time. The results are:
? greater interdependence between countries. ? larger markets for goods and services.
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Instruction Economic Globalization
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Global Communication and Business
The Internet allows instant business communication worldwide .
This information allows people to:
? monitor economic trends.
? buy and sell instantly online.
Global Transportation and Business
Faster methods of transportation have changed the way companies do
business, allowing them to:
? ship resources and products around the world quickly. ? sell products globally .
Global Workforces and Business
Better transportation and communication allow
companies to use a global workforce. Advantages include:
? outsourcing work to laborers in other countries. ? cutting labor costs to make higher profits.
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Instruction Economic Globalization
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Multinational Corporations
Multinational corporations
are increasingly operating across
borders. They typically:
? are based in one
nation.
? operate in many nations.
? create and sell products globally .
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Trade Organizations
Globalization has led groups of nations to join trade organizations that:
? help regions compete .
? allow countries to integrate to pool their resources.
? lower barriers to trade.
The North American Free Trade Agreement
The North American Free Trade Agreement (NAFTA) is a free trade agreement
between the United States , Canada , and Mexico that:
? allows goods and services to flow across the nations' borders with
fewer taxes.
? helps multinational corporations take advantage of across borders.
resources
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Instruction Economic Globalization
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The European Union
The European Union was created to help member countries trade more
freely. This organization:
? shares a common currency .
? created a common market , allowing free movement of people
and goods.
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Commodity Organizations
Commodity organizations are formed by nations that participate in similar
industries. Their goals are to:
? regulate the supply of products.
? increase profits for member nations.
? cooperate to respond to global economic trends.
Organization of the Petroleum Exporting Nations
The Organization of the Petroleum Exporting Nations (OPEC) is an organization that:
? sets petroleum policies for its members . ? establishes prices .
? regulates supplies to benefit its members' economies.
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Instruction Economic Globalization
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International Economic Organizations
International organizations solve economic problems through:
? handling global trade issues.
? helping developing countries expand .
? monitoring the global economy.
World Trade Organization
The World Trade Organization (WTO) oversees the world by:
? resolving trade disputes.
trade
policies around
? promoting trade in developing countries.
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Developed and Developing Economies
Advanced economies, and these are developed economies, include
economies like the United States, the countries of Western Europe, and Australia.
? These are the economic leaders around the world.
Then we have another category called emerging and developing
economies. This will include much of Latin America, the countries of Africa, and much of Asia, including the country China.
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Instruction Economic Globalization
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The Global Economy and Developed Nations
Globalization has made developed nations more reliant on providing services
in their economies. They:
? outsource manufacturing to developing nations.
? provide more products for sale .
Future Challenges for Developed Nations
Most developed nations are facing common economic problems, such as: ? slower economic growth. ? difficulty finding jobs for less -educated workers. ? aging populations.
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The Global Economy and Developing Nations
Globalization has led to economic growth in developing nations. This
growth is evident in:
? increased jobs .
? growth of a middle class.
? rise in the standard of living.
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Instruction Economic Globalization
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Future Challenges for Developing Nations
As developing nations grow economically, many have social issues,
including:
? population growth.
? environmental problems.
? poverty .
? provision of democratic rights.
Future Challenges for All Countries
As economies grow, their demand for increase leads to:
commodities
? higher costs for energy (oil).
grows. This
? higher demand for raw materials .
? higher prices for all countries, even developing nations.
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