00:01
Hey everyone, today we're answering problem 19 from chapter one of the textbook, which asks us to define globalization and then explain the effects of globalization on the economy over the past 10 years.
00:14
All right, so thinking about the definition, well, in our reading, we know that globalization, you know, it's basically connection of ideas, people, capital, fundamentally.
00:26
So in other words, you know, we know that it's an, expansion of, like i said, connections, but what specific types of connections will include cultural connections, political connections, and of course economic connections, since this is, of course, about econ, the expansion of those types of connections, and it's obviously between people around the world, because it's global.
00:59
So that is the definition of globalization, so now thinking about the effects.
01:05
Well, we can definitely say that there's increased buying and selling of goods and services across national borders over the past 10 years.
01:25
So this means more international trade between different countries.
01:32
So expanding into importation and exploitation practices...