D080 UNIT 2 - Study Guide Questions GLOBAL

D080 UNIT 2 - Study Guide Questions (GLOBAL)
What is globalization? ✔✔the growing global economic, cultural, and political integration and
interaction
what business opportunities are presented by globalization? ✔✔economic growth, spread of
technology and innovation, lower cost of products, access to new markets
what are the economic effects of globalization? ✔✔reduces cost of manufacturing, consumers
have a wider variety of goods
what are the political effects of globalization? ✔✔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? ✔✔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? ✔✔spread of technology and innovation,
lowered rates of poverty in developing nations