The process in which people, ideas and goods spread the process in which people, ideas and goods spread throughout the world, spurring more interaction and integration between the world's cultures, governments and economies, A process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment and aided by information technology., What does IMF means?, Give one (1) characteristics or quality of globalization., Emergence of gigantic and virtually identical shopping malls in all continents to cater to consumers who can afford commodities all over the world-including products whose various components were manufactured in different countries., Earliest phase of globalization, contacts among hunters and gatherers who were spread around the world– were geographically limited., In this period the invention of writing and the wheel were great social and technological boosts that moved globalization to a new level., In this period, European Enlightenment project tried to achieve a universal form of morality and law., Innovations in transportation and communication technology, population explosion, and increase in migration led to more cultural exchanges and transformation in traditional social patterns., This refers to the extensive development of economic relations across the globe as a result of technology and the enormous flow of capital that has stimulated trade in both sources and goods., The process of increasing international trade and investment, Which global organization was created to promote international trade and economic cooperation?, This refers to the increase in the amount of cultural flows across the globe. Cultural interconnections are at the foundations of contemporary globalization, They sign an agreement to reduce tariffs on certain goods, They harmonize their external tariff policies and agree on a common external tariff for goods imported from non-member countries, They introduce a common currency, They eliminate all tariffs on most goods traded between them., They remove barriers to the movement of labor and capital., The Global South captures a ______________________ of capitalism’s externalities and means to account for subjugated peoples within the borders of wealthier countries, ____________________ was the central global force in the early modern world economy for it was the site of the most important trade routes and in some places more advanced in technology., BRICS economy is an acronym for the combined economies of, A personal or institutionalized set of attitudes, beliefs, and practices relating to or manifesting faithful devotion to an acknowledged ultimate reality or deity, The term used to describe the growing interdependence of the world's economy as a result of increased cross border trade and capital movements., TWO MAJOR DRIVING FORCES FOR ECONOMIC GLOBALIZATION, GIVE ONE (1) DIMENSION OF ECONOMIC GLOBALIZATION, Extension of economic activities between internationally activities dispersed, Refers to a system that forms rules and standards for facilitating international trade among the nations., It is the exchange of goods, services and capital across national borders., TWO KEY CONCEPTS IN ECONOMICS OF INTERNATIONAL TRADE, Refer to the regulations and agreement of foreign countries. It defines standards, goals, rules, and regulations that pertain to trade relation between countries., These are taxes or duties paid for a particular class of imports or exports., These Tariffs are measures that governments or public authorities introduce to make imported goods or services less competitive than locally produced goods and services., This ensures that imported products in the country are of high quality., WHAT ARE THE TYPES OF TRADE POLICY?, An activity that requires search for a partner and relation-specific investments that are governed by incomplete contracts, Practice of assigning part of the obligations and tasks under a contract to another party, Refers to how easily two or more markets can trade with each other., A business that operates in two or more countries. It also goes by the name "multinational company", The system of human interaction which it is focused on the modern world system where the competing and allying nations are structured politically, WHAT ARE THE BASIC ELEMENTS OF STATE?, What are the problems afflicting the world today which are increasingly transnational in nature, those that cannot be solved at the national level or State to State negotiations., Give one (1) effect of greater economic and social interdependence to national decision- making processes..

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