Globalization refers to the increasing interconnectedness and interdependence of countries through the exchange of goods, services, information, and culture. It's driven by factors like advancements in transportation and communication technologies, reduced trade barriers, and the spread of multinational corporations. While globalization offers numerous benefits, it also presents challenges that need to be addressed.
Match the term with its definition:
| Term | Definition |
|---|---|
| 1. Outsourcing | A. The process of interaction and integration among people, companies, and governments worldwide. |
| 2. Globalization | B. A company that operates in multiple countries. |
| 3. Tariff | C. The relocation of a business process to a foreign country. |
| 4. Multinational Corporation | D. Taxes imposed on imported goods. |
| 5. Free Trade | E. International trade left to its natural course without tariffs, quotas, or other restrictions. |
Answer Key: 1-C, 2-A, 3-D, 4-B, 5-E
Fill in the missing words in the following paragraph:
______________ is the process of countries becoming more connected through trade, investment, and cultural exchange. One benefit is increased ______________ which leads to lower prices for consumers. However, it can also lead to job ______________ in developed countries as companies move production to places with cheaper labor.
Word Bank: Globalization, competition, losses
Do you think the benefits of globalization outweigh the drawbacks? Explain your reasoning.
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