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Chapter 2: Problem 1

Define: a. globalization b. offshoring

Short Answer

Expert verified
Globalization is the spread of products, technology, information, and jobs across nations. It involves the growth of multinational corporations, and the integration of countries through international trade. Offshoring refers to moving a part of a business's operations to another country for cost benefits or specific expertise.

Step by step solution

01

Definition of Globalization

Globalization typically refers to the spread of products, technology, information, and jobs across nations. It is the interaction and integration among people, companies, and governments worldwide. Globalization often involves the growth of multinational corporations, and the integration of countries through international trade. It is shaped by economic, technological, sociocultural, political, and biological factors.
02

Definition of Offshoring

Offshoring, on the other hand, refers to the practice of a business moving a part of its operations to another country to take advantages of lower costs such as lower wages, tax benefits, or specific expertise. This can include manufacturing, customer support, or even software development.

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Most popular questions from this chapter

Choose a current economic issue or policy measure and then contrast the way a proponent of capitalism would discuss it versus how a proponent of socialism would discuss it.

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Why might it be easier to recognize the costs of globalization than the benefits?

What are the three economic questions every society must answer?

Are all mixed economies the same? Explain your answer.
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