22
What is globalization?
The worldwide integration of economics, finance, trade, and communication.
What is outsourcing?
Having someone outside your company do work or service for your company.
What are the economic advantages of outsourcing?
It is cheaper than doing the work yourself and gives jobs to many people in other countries.
India and China have some economically successful cities, but does everyone in those countries share the wealth?
No, because the wealth only goes to the people in urban areas and not to the rural areas.
What are some characteristics of developed countries?
-Highly industrialized
-Well established law and order
-Good infrastructure
-Economic Stability
What is an example of globalization in our everyday lives?
Cell phones being manufactured in China and being used in the U.S. Oil is drilled in the Middle East and used all around the world.
What is an example of outsourcing in India?
Call centers.
What are the advantages of outsourcing regarding working conditions?
Creates less crowded workspaces in the U.S.
What is the most economically successful city in India?
Mumbai is the most economically successful city in India and is also the economic capital of India.
What are some characteristics of developing nations?
-Agriculturally based economy
-Corruption in the government
-Poor infrastructure
-Not economically stable
What are some advantages of globalization?
Decreases poverty and unemployment. The spread of diverse cultures. Access to many different goods from around the world.
What piece of technology made outsourcing possible?
The computer.
What are the disadvantages of outsourcing?
The risk of losing sensitive data. Loss of culture and jobs in the outsourcing country.
What is the most economically successful city in China?
Shanghai is the most economically successful city in China.
Which continent has the most developing nations?
Africa.