2: Globalization
What is globalization? How does a country benefit from globalization? What are drawbacks to globalization? Which type of economy does best in the globalization process?
We will delve into what globalization means by first watching the video and creating a wordle about what globalization means to you. Then we will address main points of globalization and develop our definition of globalization. This will move into the Talesh activity to see the difference between a developed country (like the United States) and a developing country (like Talesh).
These are regional trade agreements. Regional means the organization is based on location.
We will focus on key terms to understanding globalization before we move onto applying what we learned with BRIC countries. (ISN8)
- Multinational corporations (MNC) (Resource)
- What is a MNC?
- What are TWO advantages and TWO disadvantages of an MNC? Just list these answers.
- Imports and exports/Balance of Trade (Resource)
- What is the ideal balance of trade?
- How does participating in globalization play a role?
- Trade agreements (Resource)
- What are the three types of trade agreements? Briefly explain the difference (a short response is fine).
- Who are the WTO? What role do they play in trade agreements? Video if you would prefer to watch instead of read about it
- Outsourcing
- What is outsourcing? LINK
- What are the most common reasons for outsourcing?
- Free trade Resource
- How would you explain free trade?
- What would you LIST as the benefits and drawbacks of free trade?
Enrichment
Define and provide an example
Compare free trade and fair trade. Then write a thesis statement explaining which trade you think is better. LINK
Part Two: Supply and Demand
So supply and demand can be tricky to understand, I mean look at that graph to the right! However, it is actually very simple and will help you better understand prices and cost, how people play a role in the economy and more.
- Using the top image, what happens when the demand falls (or no one wants to purchase the item) but the supply rises (the item is still being produced)?
- What happens when people really want an item but there is not a lot of the item being produced?
Watch the video and answer these questions.
- How does a "surplus" happens? What happens to the price of an item when there is a surplus?
- What happens that leads to a "shortage"? How does that affect the price of an item?
- Can you think of an item that is demand and people will pay a high price? Is that always true of that item?
Option 1: Explore a current event article to see what is new with the BRIC world.
Task: What should someone know about the BRIC countries?
The World in 2050: When the 5 Largest Economies Are the BRICs and Us
Option 2: There is an argument brewing that BRIC should really now be known as BRICS.
Task: What can you find about the "S"? What country are they referring to and how would this country benefit the remaining countries?
Now we will look at BRIC countries to see what these countries have to offer the global market.
Option 3: There is a new acronym on the horizon. The "MINT" countries are proving to be good competition for the BRIC countries.
Task: Who are these new countries? What can they offer to the process of globalization? How are these countries similar/different to the BRIC countries?
Option 4: Watch this video to see how the US and BRIC countries compare.
Task: What is the future of globalization? What does the US have to offer the global market? How does it compare to the other countries mentioned?
