D080 UNIT 2 - Study Guide Questions (GLOBAL) questions with complete solutions

What is globalization? correct answer: the growing global economic, cultural, and political integration and interaction what business opportunities are presented by globalization? correct answer: economic growth, spread of technology and innovation, lower cost of products, access to new markets what are the economic effects of globalization? correct answer: reduces cost of manufacturing, consumers have a wider variety of goods what are the political effects of globalization? correct 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? correct 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? correct answer: spread of technology and innovation, lowered rates of poverty in developing nations what are some arguments AGAINST globalization? correct 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? correct answer: 1. organizations (any company, large or small) 2. governmental organizations (embassies, consulates, NAFTA, etc.) 3. NGO's (non-governmental organizations su