Globalization

Question 1

derived from the word “globalize” which refers to the emergence of an international network of economic systems

Answer 1

Globalization

Question 2

process of interaction and integration among the people, companies, and government of different nations

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Globalization

Question 3

the expansion and intensification of the social relations and consciousness across the world time and across world – space.”

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Manfred Steger

Question 4

process of world shrinkage, of distance getting shorter, things moving closer

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Thomas Larsson

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Types of Globalization

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Economic, political, social

Question 6

refers to interconnectedness of economies through trade and exchange of resources.

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Economic

Question 7

It also refers to the widespread international movements of goods, services, capital, technology and information

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Economic

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it pertains to human interaction within cultural communities, encompassing topics like family, religion, work and education

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Social

Question 9

measure of how easily information and ideas pass before people in their own country and between different countries

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Social

Question 10

amount of political co-operation that exist between different countries.

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Political

Question 11

globalization means the onset of the borderless world

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Broad and inclusive

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can see from a more perspective point of reference when it comes to how we all become connected to each other

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Broad and inclusive

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internationalizing of production, the new international division of labor, new migratory movements from South to North, the new competitive environment that accelerates these processe

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Narrow and exclusive

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Nature of globalization

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Liberalization
2.Free Trade
3.Import and Export
4.Privatization
5.Increased Collaborations
6.Economic Reforms

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It stands for the freedom of the entrepreneurs to establish any industry or trade or business venture, within their own countries or abroad or in short “removing of controls”.

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Liberalization

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It stands for free flow of trade relations among all the nations.

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Free trade

Question 17

is a pact between two or more nations to reduce barriers to imports and exports among them.

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Free trade agreement

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goods and services can be bought and sold across international borders with little or no government tariffs, quotas, subsidies, or prohibitions to inhibit their exchange.

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Free trade

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It stands for liberating the import- export activity and securing a free flow of goods and services across borders.

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Import and export system

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is a way to equalize the proper distribution of goods and services not only within one’s jurisdiction but also outside to avoid that instance of concentration of goods in the hands of one person.

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Privatization

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Encouraging the process of collaborations among the entrepreneurs with a view to secure rapid modernization, development and technological advancement

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Increased Collaborations

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Encouraging fiscal and financial reforms with a view to give strength to free world trade, free enterprise, and market forces.

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Economic Reforms

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To freely protect every country in their international transactions, reforms are considered.

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Economic reforms

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Economic Activities

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International Trade, Production, Workforce, Investment

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It is an exchange involving a good or service conducted between at least two different countries.

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International Trade

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It is a process of transforming tangible and intangible inputs into goods or services

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Production

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It is the number of people who are employed plus the unemployed who are looking for work.

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Workforce

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The labor pool does not include the jobless who aren't looking for work.

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Workforce

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It is an asset or item accrued with the goal of generating income or recognition

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Investment

Question 30

, they claim that this leads to lower prices, more employment and better allocation of resources. .

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Pro Globalization

Question 31

increasing autonomy and strength of corporate entities increasingly shape the political policy of nation-states.

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Anti globalization

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Most of the countries have resorted to trade relations with each other in order go boost their economy, leaving behind any bitter past experiences

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Peaceful Relations

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What are the Merits of Globalization

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Peaceful Relations Employment Education Product Quality Cheaper Price Better Communication Transportation GDP Increase Travel And Tourism

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What are the Demerits of Globalization

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Health Issues Loss of Culture Uneven Wealth Distributions Environment Degradation Cut throat Competition

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Considered as one of the most crucial advantages, globalization has led to the generation of numerous employment opportunities.

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Employment

Question 36

The existence of economic goals must always be coupled with honing one’s mind.

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Education

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Today the customers may compromise with the price range but not with the quality of the product.

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Product Quality

Question 38

Different business schemes are actually adapted by the business owner to get more, as the law of supply and demand dictates

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Cheaper Price

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Every single information is easily accessible from almost every corner of the world circulation of information is no longer a tedious task, and can happen a second.

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Better Communication

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The internet has significantly affected the global economy, thereby providing direct access to information and products

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Better Communication

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Considered as the wheel of every business organization, connectivity to various parts of the world is no more a serious problem.

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Transportation

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is the money value of the final goods and services produced within the domestic territory of the country during an accounting year.

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GDP

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International trade among different countries also helps in increasing the number of tourists that visit different places around the world

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Travel and Tourism

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International trade among different countries also helps in increasing the number of tourists that visit different places around the world

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Travel and Tourism

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Globalization has given rise to more health risks and presents new threats and challenges for epidemics.

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Health Risks

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With large number of people moving into and out of a country, the culture takes a backseat

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Loss of Culture

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People may adapt to the culture of the resident country. They tend to follow the foreign culture more, forgetting their own roots.

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Loss of Culture

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It is said that the rich are getting richer while the poor are getting poorer.

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Uneven Wealth Distribution

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Industries are using natural resources by means of mining, drilling, etc. which puts a burden on the environment.

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Environmental Degradation

Question 50

The establishment of different infrastructures will always lead to risking the environment as we will be needing space for the organization of this.

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Environmental Degradation

Question 51

Opening the doors of international trade has given birth to intense competition. This has affected the local markets dramatically.

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Cut-Throat Competition

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The local players thereby suffer huge losses as they lack the potential to advertise or export their products on a large scale. Therefore, the domestic markets shrink.

Answer 52

Cut-Throat Competition

Question 53

The local players thereby suffer huge losses as they lack the potential to advertise or export their products on a large scale. Therefore, the domestic markets shrink.

Answer 53

Cut-Throat Competition

Question 54

The concept of (tatsulok) should be considered in explaining this part. The bigger the authority a country have, the bigger the voice they have

Answer 54

Cut-throat Competition

Question 55

The concept of (tatsulok) should be considered in explaining this part. The bigger the authority a country have, the bigger the voice they have

Answer 55

Cut-throat Competition