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Can you think of ways that globalization has helped you economically? Can you think of ways that it has not?
Globalization has raised the competition in such a way that many goods have become cheaper and there is diverse variety of goods available. This has benefited many people. Globalization has improved the lifestyle of the people. It has opened more opportunities for international travel and tourism, increased the consumption of worldwide entertainment like sports and music.
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Chapter 1
Welcome to Economic
Introduction
How Markets Work
Jerico R.
February 11, 2021
Discuss the importance of opportunity cost in individual choices and decision making.
01:04
What is globalization? How…
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What is globalization? Why…
08:22
The text states that "…
01:18
Briefly explain how intern…
04:05
How does international tra…
00:42
Give an example of how app…
00:40
01:20
How does protectionism aff…
01:56
What is protectionism? Who…
What is the basis for trad…
06:51
Explain: "Free-trade …
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How is international trade…
04:01
What are some ways that go…
01:43
What events led to the Gen…
05:49
What is offshoring of whit…
00:32
How might a large trade “m…
04:54
What factors account for t…
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In what ways has culture b…
01:22
Name three technological p…
The increase in globalization has a lot of pros and cons for everybody involved, including me and you. A pro of localization is increased trade internationally. This allows for lower prices and more competitive markets across the world. However, a big con of globalization is the fact that countries become very dependent on one another. If you get rid of the bond between two countries, that could be devastating for the international economy as a whole. So it's very important that country's maintain good relationships with each other, which allow for a thriving global economy.
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