WGU D080 UNIT 2 (GLOBAL)- Study Guide Questions & Answers (100% Correct)

What is globalization? - ANSWER - the growing global economic, cultural, and political integration and interaction what business opportunities are presented by globalization? - ANSWER - economic growth, spread of technology and innovation, lower cost of products, access to new markets what are the economic effects of globalization? - ANSWER - reduces cost of manufacturing, consumers have a wider variety of goods what are the political effects of globalization? - ANSWER - reduced importance of nation-state governments (global institutions often replace or extend national functions to facilitate international agreement) what are the cultural effects of globalization? - ANSWER - increased cross-cultural contacts, decrease in the uniqueness of once-isolated communities, global domination of American culture, erasure of other cultures what are some favorable arguments for globalization? - ANSWER - spread of technology and innovation, lowered rates of poverty in developing nations what are some arguments AGAINST globalization? - ANSWER - unemployment due to jobs moving overseas for lower production costs, significant increases in inequality between business owners and common people in developed nations what are the different forms of international business? - ANSWER - 1. organizations (any company, large or small) 2. governmental organizations (embassies, consulates, NAFTA, etc.) 3. NGO's (non-governmental organizations such as non-profits and volunteer organizations - UNICEF, Greenpeace, World Wildlife Fund) what is the first stage of entering a global market? - ANSWER - market entry - companies enter new countries using business models similar to the ones deployed in their home markets. what is the second stage of entering a global market? - ANSWER - (product specialization), companies transfer the full production process of a particular product to a single,