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11 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is GLOBALIZATION? |
Refer to the trend towards a more integrated global economic system |
Coca Cola, Citigroup credit cards, McDonald's hamburgers, and IKEA furniture |
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Two key facets of globalization |
Globalization of markets & Globalization of production |
Factors of production (labor energy, land, and capital) |
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Globalization of markets |
The merging of historically distinct and separate national markets into one huge global marketplace |
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Globalization of production |
The sourcing of goods and services from locations around the globe to take advantage of national difference in cost and quality factors of production |
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GOALS of globalization of production |
- lower overall cost structure - Improve the quality or functionality of the product to gain competitive advantage |
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Global Institutions |
- manage, regulate, and police the global market place & - promote the establishment of multinational treaties to govern the global business systems |
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World Trade Organization (WTO) |
Polices world trading systems and ensures nations adhere to the rules established in WTO treaties |
Succeeded the GENERAL AGREEMENT ON TARIFFS AND TRADES (GATT) |
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International Monetary Fund (IMF) |
Maintains order in the international monetary system |
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International Monetary Fund (IMF) |
Maintains order in the international monetary system |
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World Bank |
Promotes economic development using low-interest loans |
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United Nations |
- Maintain international peace and security - Develops friendly relations among nations - Cooperates in solving international problems - Promotes Respect for human rights - Is a center for harmonizing the action of nations |
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