Lecture 1: Introduction

Question 1

What are the impacts globalisation has on human life?

Answer 1

• Political
• Cultural
• Social
• Economic

Question 2

Definition of Globalisation

Answer 2

The ongoing process of greater economic interdependence among countries, reflected in the increasing amount of cross-border trade in goods and services, the increasing volume of international financial flows and the increasing flows of labour.

Question 3

Major characteristics of economic globalisation

Answer 3

1. Fading of all types of boundaries/barriers
2. Internationalisation of business
3. Expansion and intensification of business interdependence
4. Homogenisation of tastes, products and services
5. Mobility of economic resources

Question 4

GDP

Answer 4

Gross domestic product - is the measure of the economic activity or output in a country.