MGEC82H3 Lecture Notes - Lecture 1: Free Trade, International Trade, The Horrors

Which of the following is true about globalization?

(i) Globalization refers to the accelerated interdependence of economic and business activities across national boundaries.

ii) Globalization influences the availability and pricing of products and services around the world.

(iii) Globalization affects your career opportunities and the skill you will need to be successful.

(iv) Globalization creates opportunities and poses challenges to individuals businesses and countries.

A) (i)

B) (i) (ii)

C) (i), (ii), (iii)

D) (i), (iii) (iii), (iv)

Over the last decade we have witnessed that the U.S. economy has become increasingly interdependent with the rest of the world. The question is whether U.S. is getting better or worse with globalization. Some believe that globalization will lead to cheaper ways to make products. This will allow businesses to reduce prices. Therefore, consumers will benefit from globalization. Others believe that globalization will lead to loss of jobs in U.S. causing high unemployment and loss of incomes. What do you think? How will globalization impact our economy in both short run and the long run? State your arguments "for" and "against" globalization and finally summarize your view on globalization.

Explain how changes in technology contributed to the globalization of markets and production? Would the globalization of production and markets have been possible without these technological changes? How do the Internet and the associated World Wide Web affect international business activity and the globalization of the world economy?