When countries rely on each other, what is it called ?
Interdependence
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20
Is globalization harmful to the environment ? Why ?
Yes.
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10
What are 4 economic resources ?
Labour, land, capital and enterprise
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5
One of the following is not capital. What is it ?
Cars/ Software / Hammers / workers
Workers
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5
In what country, can you pay your bills with your face ?
China
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15
Globalization is both good and bad for firms. Explain.
It can create competition and open up opportunities for companies in a different market
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10
it is cheaper to buy in bulk. What economic concept is referred to ?
Economics of scale / Economies of scale
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15
People have been talking about "global village ". What does this actually mean ?
The distance between people is becoming smaller
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15
What is violence fueled by ? Why ?
The gap between the rich and the poor because unfairness makes people angry.
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15
What are sweat shops ?
a factory or workshop, especially in the clothing industry, where manual workers are employed at very low wages for long hours and under poor conditions.
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5
Where are the countries that enjoy the most benefits from globalization ?
Northern Hemisphere
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10
The poor are the ones who benefit most from globalization.
True or False ? Why ?
False. They lack opportunities to access international markets and funds.