what is the best description of the globalization of markets course hero

What are the two macro factors fueling the trend toward greater globalization?

The text notes that there are two macro factors fueling the trend toward greater globalization. These two factors focus on a decline in trade barriers and a. Greater homogenization of tastes.

What are the supports of globalization?

True or False: Supports of globalization argue that bodies such as the World Trade Organization and the United Nations exist to serve the collective interests of member states, not to subvert those interests. a. Falling barriers to international trade results in job losses in those industries targeted by foreign competitors.

How does globalization affect the wages of unskilled workers?

Globalization increases the wages rates of unskilled workers in advanced countries. b. With globalization, companies are likely to move their operations to countries with more stringent labor and environmental regulations. c.

Does globalization serve the collective interests of member states?

Sales. True or False: Supports of globalization argue that bodies such as the World Trade Organization and the United Nations exist to serve the collective interests of member states, not to subvert those interests. a. Falling barriers to international trade results in job losses in those industries targeted by foreign competitors.

Free Trade Agreements

Free trade agreements are agreements that allow participating nations to trade without tariffs and quotas.

Effect on Wages

Globalization and free trade allow nations to use their comparative advantages effectively. This can lead to an increase in wages, although the effects on low-skilled jobs may not be positive.

Difference in Living Standards

When trade occurs with nations that have lower living standards, it tends to benefit their economy and raise living standards. However, trade does not necessarily raise the living standard of a country.