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Globalization and Trade | Economics | Social Science - Brief Answer | 10th Social Science : Economics : Chapter 2 : Globalization and Trade

Chapter: 10th Social Science : Economics : Chapter 2 : Globalization and Trade

Brief Answer

V. Brief Answer VI. Activity and Projects - Book Back Important Questions, Answers, Solutions - Social Science : Economics : Globalization and Trade

V. Brief Answer


1. Briefly explain the advantages and disadvantages of MNC.

Advantages of MNC:

• Producing the same quality of goods at lower cost and without transaction cost.

• MNC reduce prices and increase the purchasing power of consumers world wide.

• An MNC is able to take advantage of tax variation.

• Spurring job growth in the local economies.

Disadvantages of MNC:

• They are a way for the corporations to develop a monopoly for certain products.

• They are also a detrimental effect on the environment.

• The introduction of MNC into a host country's economy may also lead to the downfall of smaller, local business.

• MNC breach ethical standards, accusing them of evading ethical laws and leveraging their business agenda with capital.

2. Write about the World Trade Organisation.

• The World Trade Organization was set up in 1994.

• An agreement to this effect was signed by 104 members. It came into force from January 1, 1995.

• Its headquarters is in Geneva, Switzerland.

• Its members are Director General, Four Deputy Director Generals and other 600 official staff from around 80 member countries.

• If purpose: Regulation and International Trade

Objectives of WTO:

• To set and enforce rules for international trade.

• To provide a forum for negotiating and monitoring further trade liberalization.

• To resolve trade disputes.

• Introduction at the sustainable development and environment can go together.

• To ensure that developing countries secure a better share of growth in world trade.

• To increase the transparency of decision making processes.

• To ensure full employment and broad increase in effective demand.


3. Write the challenges of Globalization.

• The benefits of globalization extend to all countries that will not happen automatically.

• The fear that globalization leads to instability in the developing world.

• The Industrial world that increased global competition will lead in race to the bottom in wages, labour right, and employment practice.

• It leads to global inbalance.

• Globalization has led to an increase in activities such as child labour and slavery.

• People started consuming more junk food. This caused the degradation of health and spread of diseases.

• Globalization has led to environmental degradation.


VI. Activity and Projects


1. Teacher and students are discuss about the globalization.

2. Students are collect the images regarded to the globalization and make the album. (south Indian trade and traders images, and silk route map, spice route map, and kalinga trade map, etc)

3. Students are collect the picture of various Multinational corporation companies in India and its products pictures.

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