Globalization

What is globalization?

• Countries creating tariffs

• The process by which the world is becoming increasingly connected and dependent upon each other as

• The process by which countries start making their own stuff (AKA becoming self-reliant)

• A group of companies operating as one

What is a multinational corporation?

• The most famous fast-food restaurant in a country

• A large company that operates in many different countries

• Factories that pay workers very little and make them work in bad conditions

• Companies that move their operations to other places for cheaper labor

What is outsourcing?

• The world becoming more reliant on each other

• Sending your business and labor to another country

• Making your workers work in bad conditions for little pay

• Making cheap clothes that will not last long

Why do companies outsource?

• They are banned from operating in a certain place

• They are looking for skilled laborers to pay lots of money

• It raises the cost of making goods

• It makes it cheaper to make/manufacture goods

What is economic interdependence?

• When countries create fees (tariffs) on imported goods

• When countries are independent and make everything for themselves

• When countries have strong economic ties and depend on each other for resources

• I like corndogs

Who is the USA's biggest trading partner?

• The UK (United Kingdom)

• India

• Mexico

• China

Who is the USA most economically interdependent on?

• The United Kingdom

• China

• Mexico

• Bangladesh

Which two countries produce MOST of the world's garments (AKA clothing)?

• Chile and Mexico

• China and Mexico

• Vietnam and Mexico

• China and Bangladesh

What are sweatshops?

• Places where sweatshirts are made

• Factories with lots of technology

• Factories where workers are made to work in bad conditions for little pay

• Another name for a factory outside the USA

A developed country is:

• agrarian (mostly focused on farming) or at least not industrialized, have lower standards of living, and have a very weak economy with slow or nonexistent growth

• Mostly in Asia and Africa

• Usually has quite a bit of poverty

• industrialized, have high standards of living, and have strong economic growth. They usually also have more stable and democratic governments