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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

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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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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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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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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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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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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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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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