Globalization Pros, Cons, and Case Studies Worksheet

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Which international institution primarily focuses on setting and enforcing rules for global trade, representing a key aspect of international policy coordination in the globalized world?

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The World Trade Organization (WTO)

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Fill in the blank: One economic advantage of globalization is ________, which refers to specialization (comparative advantage) and lower prices for consumers due to competition.

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Increased Economic Growth and Efficiency

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A challenge of globalization is ________, which refers to wealth concentration and a widening gap between skilled and unskilled labor.

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Increased Inequality

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Fill in the blank: An economic advantage of globalization is ________, where Foreign Direct Investment (FDI) brings capital, jobs, and technology to developing countries.

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Greater Capital and Investment Flows

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Fill in the blank: A drawback of globalization is ________, where manufacturing and service jobs move from high-wage to low-wage countries.

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Job Displacement/Outsourcing

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Fill in the blank: An advantage of globalization in the cultural & social category is ________, which refers to exposure to diverse ideas, food, music, and art fostering understanding.

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Cultural Exchange and Tolerance

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Fill in the blank: A cultural drawback of globalization is ________, which refers to the loss of local traditions and languages due to Westernization/Americanization.

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Cultural Homogenization (Westernization/Americanization)

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Fill in the blank: An advantage of globalization is ________, which makes it easier to diffuse medical knowledge and best practices globally.

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Improved Global Health/Education

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Fill in the blank: A challenge of globalization is ________, which refers to poor labor standards, including 'sweatshop' conditions, in regions with weak regulation.

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Worker Exploitation

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Fill in the blank: A technological advantage of globalization is ________, which refers to the rapid spread of technology and innovation.

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Rapid Diffusion of Technology and Innovation