Economics

Global trade involves business practices that cross international borders. Modern business practices may include multiple locations being used as well as telecommunication via teleconferencing.

Investment money flows freely around the world.

Increased mobility allows producers to move jobs to lower-cost labor markets.

To make decisions that maximize benefits.

Rational and Subjective.

Objective and systematic

pleasure (benefit) and pain (cost)

calculating and coherent

Rational and structured =making a list of costs and benefits

To win political support

They maintain high tariffs on the agricultural goods that many developing countries export.

Disruptions in one place have effects else where.

It could pursue a policy of national self-sufficiency.

They are left on the margins of globalization.

The IMF wants to fix the economies of countries that need its help.

When a country has an absolute advantage in production of that good it may specialize in producing that good.

The World Bank loans developing countries money in order to improve conditions in the country. It can be used for various purposes, including education, job development, and infrastructure.

Economic growth is one way that people in the United States benefit from globalization.

Some northern states made slavery against the law.

Many developing countries do not benefit from free trade policies, because their industries are to weak to compete in the international market.

offshoring;a u.s. car company begins making certain car parts in bangladesh; outsourcing;a u.s. car company hires a south a south korean company to make its tires; insourcing;a japanese car company opens a factory in the united states