Features of Globalization - SS3 Economics Past Questions and Answers - page 1
Which of the following is a key feature of globalization?
Increased trade and investment
Decreased cultural exchange
Technological regression
Reduced economic growth
What has facilitated the exchange of cultural ideas, values, and practices between people from different regions and countries?
Technological advancements
Economic growth
Environmental concerns
Decreased competition
What is a possible challenge brought about by globalization?
Increased trade and investment
Reduced environmental concerns
Decreased competition
What impact has globalization had on businesses?
Decreased competition
Reduced access to larger markets
Increased competition from companies based in other countries
Increased access to larger markets
Which of the following is NOT a feature of globalization?
Technological advancements
Cultural exchange
Economic stagnation
Increased competition
Define globalization in simple terms.
Globalization is the process of increasing interconnectedness and interdependence between people, businesses, and nations around the world.
What are the two benefits of globalization?
Examples of benefits of globalization include economic growth and increased competition:
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Economic growth: Globalization has led to economic growth in many countries, as businesses have access to larger markets and consumers have access to a wider range of goods and services.
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Increased competition: With the opening up of global markets, businesses face more competition from companies based in other countries.