Globalization
This term refers to the blending and merging of cultures, goods, and services on a global scale.
What is globalization?
By traveling through the Panama Canal, ships save this many miles compared to going around South America.
What is 8,000 miles?
This mode of transportation moves the largest share of global freight, accounting for 73.2%.
What is ocean freight?
This economic principle allows for reduced costs as production levels increase.
What are economies of scale?
Americans have come to expect their orders to arrive within this time frame.
What is 2 day shipping?
This term refers to the total cost a company incurs to process and ship a product to a customer.
What are transportation costs?
In 2023, carbon pricing initiatives worldwide generated this amount in revenue.
What is $104 billion?
This mode of transportation is the largest contributor to CO2 emissions.
What is ground/road shipping?
By focusing on a specific task, workers in a mass production system achieve this, leading to higher productivity and job security.
What is job specialization?
This strategy allows companies to charge more for their products to customers who are less price-sensitive, boosting overall profits.
What is price differentiation?
52% of people around the world engage in this activity, involving the purchase of goods and services from other countries.
What is international trade?
These two industries are experiencing an expansion of carbon pricing policies.
What are shipping and aviation?
This sector is responsible for approximately 22% of global greenhouse gas emissions.
What is transportation?
This term describes the process of moving production to countries with less expensive labor to reduce costs.
What is outsourcing?
These generations are known for paying more for fast shipping.
What are Gen Z and Millennials?
This company holds the title as the highest advertising entity in the shipping industry.
This carbon pricing tool allows companies to trade emission allowances.
What is the Emissions Trading System (ETS)?
A significant portion of plastic waste from shipping comes from this source.
What is packaging waste?
One major benefit of increased productivity in mass production is that businesses can produce more goods with fewer resources, which ultimately leads to this financial advantage for consumers.
What is lower prices?
These are some of the leading shipping companies in the U.S
What are UPS, FedEx, DHL, Yellow Corner, Topshipping, MSC, or Maersk?
This organization, known by its acronym, aims to promote economic growth and cooperation among countries.
What is the Organization for Economic Cooperation and Development (OECD)?
Rising sea levels pose this main threat to the Panama Canal, potentially affecting its freshwater reservoirs.
What is saltwater intrusion?
Redundant trips in logistics and poor planning are examples of this type of inefficiency that increases emissions.
What is inefficiencies in supply chains?
High initial investment in factories and specialized machinery leads to this consequence, reducing market competition.
What is limiting small businesses from entering the market?
One major benefit for companies that use fast shipping is an increase in this, which helps them capture a larger portion of the market.
What is sales and market share?