Social Studies: Chapter 4 lesson 4 A Global Economy

Flashcard maker : Lily Taylor
What are some of the goods that your family uses come from your community? What is an example?
Some of the goods that your family probably uses come from your community. For example: The milk might come from a local dairy or the bread from your neighborhood bakery.
Where do most of the goods that your family uses come from? What is your community like?
Most goods, however come from other places. Your community is like connected to the whole world in a web of trade.
How does people makes trades and services?
Transportation is what makes the trades and services between different places possible.
What are examples of what people trade all over the world NOW?
Agriculture products from the countryside can be brought to the city. Goods from city factories can be brought to the countryside. Georgia peaches can be brought to Illinois. A package from Texas can be delivered to a business in Michigan.
Can every single places can provide everything that the people who lived there need?
No, not every single places can provide everything that the people who lived there need. Each region depends on each other.
How many years that trade had existed?
Trade has existed for many thousands of years. However , while once it took barges, wagons, and stagecoaches weeks and months to make a delivery, a jet plane can now cross those same distances in hours.
How can transportation can bring goods all over the world FAST?
Today’s cargo ships can hols more goods than ever before. They can support those goods for more cheaply, too. More goods are shipped and received around the world than any other time in history.
What are some of the new technologies that people can received all over the world quickly?
Supersized boats, jumbo jets, and high speed trains are all transportation innovations.
innovations
means new inventions or ways of doing thing. These innovations have helped bring the world closer together.
What had innovations had changed?
Innovations have changed communications, or the sharing of information, too. Computers , the Internet, and e-mail have made global communication faster and cheaper. Information from one place can move to another place almost instantly.
What do communication and transportation innovations have in common?
Both communication and transportation innovations allow companies to do business in countries around the world. They can buy resources in different places.
Imports
are goods that are brought in from another country to be sold here.
Exports
are goods that are shipped to another country to be sold there.
an example of export
Bananas and figs might be imported to the United States, while wheat and apples are exported to other countries.
What can globalization do?
makes the consumers and producers of different countries more connected to one another.
What can a company make?
A company can use parts or services from all over the world to create a product, such as the car.
How can a company make product?
To do this, the company can have factories and workers in many places making the product. It can sell this product to consumers almost anywhere.
divisor of labor
the separation of a work process into a number of different jobs.
Globalization
The process through which goods and ideas spread between countries.
What had happened because of globalization?
Though globalization, the world has been one giant market. This economic connection between countries is called intedependence. It means that one country’s economy relies oupon the economies in other countries to succeed.
specialization
is the ability of a company, group, or person to focus on a single task. Focusing on a single job helps make people faste rand more skilled at what they do.
What do specialization leads to?
Specialization leads to innovation. someone who is an expert at something is more likely to figure out ways to improve the product or process. Specialization and division of labor can also lead to greater productivity.
Productivity
is the amount of a company can produce with a certain amount of labor.
What can productivity can bring economic growth?
Greater productivity can bring economic growth. A car company that increases productivity can supply more cars in the same amount time.
Does globalization has many benefits?
Globalization has many benefits. For the consumer, globalization means more choices. For example at the mall, you can choose a vast selections of clothes and electronics. Because of globalization’s division of labor, you can often bu these goods for less than you would if they were made entirely in the United States.
Can globalization increase the number of jobs?
Golbalization increase the number of jobs. If consumers in other countries can afford to buy American goods, it means Americans need to hire more workers to create, sell, and ship these goods.
Does globalization has cost?
Globalization has cost too! It increases competition for sales and jobs. For example strawberries farmers in the United States must compete for sales with strawberry farmers in Mexico. Although some jobs are gained, others are lost.
outsourcing
The process of hiring people to work outside of a company. globalization has led to competition among different countries for a share of the wold’s jobs.
does globalization has environmental cost?
Globalization has environmental cost as well. For example, jet fuel which is used to fly goods across the ocean, pollutes the air.

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