Ex.5. Choose the appropriate word or phrase to complete the following sentences

Economic globalization,investment,stan­dards of living, economies of scale,multinational corporation,international trade,corporation tax,outsourcing,comparative advantage, globalization

1. Although there is no one precise definition, the term ________________ usually refers to the increased flow of trade, people, investment, technology, culture and ideas among countries.

2. To benefit from trade, countries specialize in produc­ing products where they have a ________________.

3. ________________provides consumers with a wider variety of goods and services.

4. Investment in factories, machinery, new technology, and the health, education, and training of people can raise future ________________.

5. ________________across international borders, sometimes called offshoring, occurs when a firm tries to reduce costs by locating production facilities in other countries and hiring cheaper foreign workers.

6. ________________means that goods and services, capital, and labour are traded on a worldwide basis, and information and the results of research flow readily between countries.

7. ________________is an enterprise operating in several countries but managed from one (home) country.

8. Specialization of production enables firms to benefit from economies of scale.

9. Multinational companies, can set up offices in countries with very low rates of corporation tax and then funnel their profits through these subsidiaries.

10. He hoped this strategy would attract foreign investment by multinationals

Ex.6. Answer the following questions.

1. What is globalization?

2. How new is globalization?

3. What has led to increased globalization?

4. What are some positive effects of globalization?

5. What are the benefits of globalization for the average person?

6. What are some negative effects of globalization?

7. What are the drawbacks of globalization for the average person?

8. What are some effects of multinational businesses?

9. How are globalization and migration related?

10. What are some of the issues involved with outsourcing jobs?

11. What is the future of globalization?

12. What do you think of globalisation?

13. What concept do you think will come after globalization?

11.