The Importance Of Globalisation:
Overview
A phone designed in one country, made from parts from a dozen others, assembled in another and sold everywhere, that is globalisation. The world's economies have woven together, opening huge opportunities for businesses but also exposing them to competition from every corner of the globe.
In this lesson you will learn what globalisation means and why it has grown, the opportunities and threats it brings to businesses, and why governments sometimes push back with import tariffs and quotas to protect their own firms.
Objectives
- The concept of globalisation and the reasons for it
- Opportunities and threats of globalisation for businesses
- Why governments might introduce import tariffs and import quotas
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Lesson Evaluation
Congratulations on completing the lesson on The Importance Of Globalisation:. Now that youve explored the key concepts and ideas, its time to put your knowledge to the test. This section offers a variety of practice questions designed to reinforce your understanding and help you gauge your grasp of the material.
You will encounter a mix of question types, including multiple-choice questions, short answer questions, and essay questions. Each question is thoughtfully crafted to assess different aspects of your knowledge and critical thinking skills.
Use this evaluation section as an opportunity to reinforce your understanding of the topic and to identify any areas where you may need additional study. Don't be discouraged by any challenges you encounter; instead, view them as opportunities for growth and improvement.
- Globalisation is best defined as: A. selling only at home B. the growing integration of the world's economies C. a tax on imports D. a type of trade union Answer: B
- An import tariff is: A. a limit on import quantity B. a tax on imported goods C. a subsidy to exporters D. a foreign currency Answer: B
- An import quota is: A. a tax on imports B. a physical limit on the quantity imported C. a government grant D. a type of advertising Answer: B
- An opportunity of globalisation for a business is: A. access to larger worldwide markets B. fewer customers C. higher local taxes D. a smaller market Answer: A
- A drawback of import tariffs is that they: A. lower all prices B. can raise prices for consumers and trigger retaliation C. remove all competition D. always create jobs abroad Answer: B
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