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GLOBALIZATION

GLOBALIZATION. What is globalization?. t he creation of a single global economy and community. Productive Resources. Natural Resources – - provided by nature (minerals, plants, coal). Productive Resources. Human Resources - All human labor required to produce something.

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GLOBALIZATION

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  1. GLOBALIZATION

  2. What is globalization? the creation of a single global economy and community

  3. Productive Resources • Natural Resources – • - provided by nature (minerals, plants, coal)

  4. Productive Resources • Human Resources • - All human labor required to produce something.

  5. Productive Resources • Capital Resources • - Goods used to make other goods or services (machines and tools, infrastructure)

  6. Productive Resources • Entrepreneurship • - people who bring together the other three resources to start a business.

  7. Geography Affects the Location of Economic Activities • Physical Geography • Determines where resources are located • Climate • Influences types of crops grown The Caribbean’s warm and wet climate makes Cuba an ideal location for growing sugarcane.

  8. Natural Resources • Location of resources determines location of activity • Natural Transportation routes • Rivers, Lakes, Oceans • Infrastructure • Investments in roads, railroads, electricity, and the Internet. Large coal deposits in western Pennsylvania led to Pittsburgh being a leader in steel production.

  9. Geography affects access to consumers • Physical barriers can make it difficult or impossible to bring resources to consumers • Flatlands, valleys, and rivers make it easier to deliver resources.

  10. Geography Affects Access to Consumers • Businesses that are closer to consumers are often more successful. • Especially services such as schools, hospitals, and retail stores. • Improvements in transportation, shipping, and communications can lower costs and make areas formerly unreachable more accessible. • Many businesses are moving to areas where production costs are lower.

  11. Specialization Leads to Trade • Uneven distribution of natural and human resources leads to specialization. • Each region produces the goods and services it can make at the lowest cost. This is called comparative advantage, and leads to imports and exports.

  12. Imports – Goods from foreign countries brought into a country for use or sale. • Exports – Goods and services sold from one country to other countries.

  13. Global Trading Patterns • Since ancient times, people have traded goods with distant neighbors

  14. Global Trading Patterns • The Columbian Exchange shifted major trade routes from the Mediterranean to the Atlantic

  15. Modern Globalization • Recent lowering of trade barriers and rise of Free Trade Associations • NAFTA • WTO • EU • ASEAN

  16. Modern Globalization • Improvements in communications and transportation

  17. Offshoring and Outsourcing • Offshoring – many companies have moved their production facilities to countries where the costs of labor are lower. • Outsourcing – Some companies hire other companies to produce parts or put their products together. • FOXCONN

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