Globalization Flashcards
(7 cards)
1
Q
Definition
A
the trend toward greater economic, cultural, political, and technological interdependence among national institutions and economies
2
Q
What is GDP
A
the value of goods and services produced by a domestic economy during a one-year period
3
Q
What is GNP
A
the value of all goods and services produces by a country’s domestic and international activities during a one-year period
4
Q
Globalization of Markets
A
the convergences in buyer preferences in markets around the world
5
Q
What are the 5 benefits of globalization of markets
A
- reduces marketing costs
- creates new market opportunities
- levels uneven income streams
- local buyers’ needs
- global sustainability
6
Q
Globalization of Production
A
the dispersal of production activities worldwide to minimize costs or maximize quality
7
Q
What are the 3 benefits of globalization of production
A
- access to lower-cost workers
- access to technical expertise
- access to production inputs
