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Karnataka State Syllabus Class 10 Social Science Business Studies Chapter 3 Globalization of Business
Class 10 Social Science Globalization of Business Textual Questions and Answers
I. Discuss the following questions in a group and then answer:
What is Globalization? Explain.
Globalization means “the growing economic interdependence of countries worldwide through increasing volume and variety of cross-border transactions in goods and services and international capital flow, and also through the rapid and wide spreads diffusion of technology.”
Globalization is the increasing cross-border movement of goods and services. It forms a worldwide market by obtaining raw materials and other resources from a cheap market.
“Globalization is the worldwide economic movement” substantiate your answer.
Recently globalization has achieved great progress in the economic growth in developing countries. The great achievements in technology, communication and internet communica¬tion systems have made a large business unit as global units. The economic activities of these large business units are not confined only to the places where they are established but spread all over the world. It is the increasing cross-border movement of goods and services. It is the worldwide phenomenon of technical, economic, political and cultural exchanges. Globalization opens cross-border links in international trade and finance. It increases the international flow of capital including foreign investments etc.
What are the advantages of Globalization?
There are many positive impacts (advantages) of globalization. They are:
- Globalization promotes economic growth.
- Globalization helps to increase the standard of living of the people.
- It increases the G.D.P. of a country.
- It helps to increase the income of the people.
- It promotes specialization. Countries can begin to specialize in those products that are best at making.
- It helps to build and improve political and social links through economic interdependence among different countries.
Make a list of the characteristics of Globalization with examples.
- Increases international trade at a faster rate for the growth of the world economy
- Increases the international flow of capital including foreign investment.
- Globalization creates international agreements leading to organizations like the WTO and OPEC supporting globalization.
- Development of global financial system.
- Increases the role of international organizations such as WTO.
- WIPO IMF that deal with international transactions.
- Increases economic practices like outsourcing by multinational corporations.
- Creates international cultural exchange.
- Creates international travel and tourism
- Spread of local foods such as pizza and Indian food to other countries.
- Greater immigration including illegal immigration.
- Spreading of multi naturalization and better individual access to cultural diversity.
- Development of global telecommunication infrastructure and greater transfer border data flow
- Use of technologies such as exchange of data technology, Internet communication, satellites and cell phones improves.
Explain the negative aspects of Globalisation with examples.
- In order to cut down costs, many firms in developed nations have outsourced their manufacturing and white collar jobs to Third- world countries where the cost of labor is low. Globalization has also led to an increase in activities such as child labour and slavery.
- Globalization has resulted in a fiercely- competitive global market with the embarrassment of unethical practices in business dealings.
- It is also observed that globalization helped terrorists and criminals.
- Globalization has expanded the growth and development of cities which has been reduced to garbage-dumps where all the industrial waste is accumulated and pollution levels are sky-high.
- Fast food chains like McDonalds and KFC are spreading fast in the developing world. People have started consuming more junk food. This results in the degradation of health and spread of diseases. The traditional family attached food habits are being slowly disappearing.
- Another comment leveled is that the rich are getting richer and the poor are struggling for a square meal.
- Some of the deadly viral diseases such as AIDS and CANCER, Dengue fever etc., Spread all over the world.
- Globalization has led to environmental degradation.
- The amount of raw materials needed to run industries and factories is taking a heavy toll on the natural reserves of planet earth and pollution has severely impacted the quality of air that we need so much for our survival.
- The other challenges of globalization are cheap imports of goods from developing nations could lead to unemployment in developed countries where the cost of production is high.
- Further, it leads to Increased competition for infant industry, and Small scale industries and by dumping’ of goods by certain countries at below cost price may harm industries in other countries.
What are the aims of the World Trade Organization?
- Bringing down the living cost and raise the standard of living of the member countries.
- Settling disputes and reduces trade tension of the member countries
- Stimulating economic growth and employment
- Reducing the cost of doing business internationally.
- Encouraging good governance.
- Contributing to promote peace and stability of member countries.
Class 10 Social Science Globalization of Business Additional Questions and Answers
I. Fill in the blanks with suitable words:
World Trade Organization was established in the year …………
W.T.O. the office is located at ………. in Switzerland.
At present, there are ………….. member countries in W.T.O.
Some patent goods of China are found in houses of some prominent business houses of …………
………… is the only global international organization which deals with the rules of trade between nations.
The World Trade Organization.
One Marks Questions
“Globalization is a worldwide unit” How?
Close relationships and interdependence among the countries of the world have increased and business.
“Globalization caused to decrease the value of the good” Why?
Globalization creates competition for local firms and thus keeps the costs down.
How Globalization caused to environmental pollution?
Globalization has expanded the growth and development of cities which has been reduced to garbage dumps where all the industrial waste is accumulated.
Did globalization cause unemployment in developed countries?
- Cheap imports of goods
- The cost of production is high.
How globalization reduces transportation expenses?
Globalization reduces transportation expenses through container service in shipping.
Globalization is a worldwide trade organization? How?
Globalization creates subsidies
How globalization improved political and social links?
Economic interdependence among different countries of the world.
Globalization results in the degradation of health and the spread of diseases. How?
Fast-food chains like McDonald’s and KFC are spreading fast in the developing world. People have started consuming more junk food such as these.
Three Marks Questions
Which are the major functions of W.T.O?
WTO was established on 1st January 1995 at Geneva.
- Bring into force the trade agreements
- Administrating the world trade agreements
- Free and Independent trade
- Solving trade disputes
- Striving to reduce the taxes
- Bringing international trade under legal framework
- Assistance in underdeveloped nations.
- Bringing efficiency in production
- Trade by utilization resource effectively.