Chapter 1: Defining globalization

Chapter 2: global economy

Chapter 3: market integration
Quiz #1
September 24, 2021

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This is the process by which Western
societies are dominated by the principles
of fast food restaurants.

√❑McDonaldization
❑Glocalization
❑Homogeneity
❑Heterogeneity

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This approach refers to the increasing sameness
in the world as cultural inputs, economic factors,
and political orientations of societies expand to
create common practices, same economies, and
similar forms of government.

❑Heterogeneity
√❑Homogeneity
❑Glocalization
❑McDonaldization
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This approach pertains to the creation of
various cultural practices, new economies,
and political groups because of the interaction
of elements from different societies in the
world.
√❑Heterogeneity
❑Homogeneity
❑Glocalization
❑McDonaldization
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It emphasizes the fact that cultures
are essentially different and are only
superficially affected by global flows.

√❑Cultural Differentialism
❑Cultural Hybridization
❑Cultural Convergence

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Advocates of this theory are interested in
questions of state power, the pursuit of
national interest, and conflict between
states.

√❑Political Realism
❑Marxism
❑Trans-formationalism
❑Liberalism
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According to the UN (2015), it is a condition
characterized by severe deprivation of basic
human needs including food, safe drinking water,
sanitation facilities, health, shelter, education, and
information.

❑Poverty line or Poverty Threshold

√
❑Extreme Poverty

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The idea that countries can skip
straight to more efficient and cost-
effective technologies that were not
available in the past.
❑Fair trade
❑Protectionism
❑Trade Liberalization/ Free Trade
√❑Leapfrogging
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It is the concern for the social,
economic, and environmental well-
being of marginalized small
producers.
√❑Fair trade
❑Protectionism
❑Trade Liberalization/ Free Trade
❑Multiplier effect 10
It is the process of finding the
quickest possible way of producing
large amounts of a particular
product.
❑Industrial Revolution
√❑Efficiency
❑Sustainable Development
❑Economic Globalization
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Global view of the
problem is required.
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 Created by the United Nations
(UN) in the 1990s to address
the different problems in the
world.

MDG or Millennium Development Goals

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When an increase in one economic
activity can lead to an increase in
other economic activities.

√
❑Multiplier effect
❑Leapfrogging
❑Microcredit
❑Economic big bang 14
It is the social institution that has one
of the biggest impacts on society and
it is composed of people.

√❑Economy
❑Society
❑Community

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This is the institution when countries are
lending money. This institution is their last
resort when they need financial
assistance.
❑ World Bank
√❑ International Monetary Fund (IMF)
❑ Organization for Economic Cooperation and
Development (OECD)
❑ The Bretton Woods System
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Focused on trade goods through
multinational trade agreements
conducted in many “rounds” of
negotiation.
√❑ General Agreement on Tariffs and Trade (GATT)
❑ World Trade Organization (WTO)
❑ International Monetary Fund (IMF)
❑ Organization for Economic Cooperation and
Development (OECD)
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Member countries wanted to
increase the price of oil.
❑ European Union (EU)
❑ Organization for Economic Cooperation and
Development (OECD)
❑ World Bank
√❑ Organization of Petroleum Exporting Countries
(OPEC)
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This is when people learned how to
domesticate plants and animals, they
realized that it was much more productive
than hunter-gatherer societies.

√
❑Agricultural Revolution
❑Industrial Revolution
❑Information Revolution
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It exists as legal entities and have
liabilities that are separate from its
members.

√
❑Corporations
❑Organizations
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o In your own understanding, define "globalization".

o Give 1 metaphor discussed and explain.

o Give the 2 contrasting approaches to globalization.

o Give one (1) aspect being affected by the globalization. Define.

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