1. Globalization and the Domestic Economy Nichole Benson Miranda Campbell-Magaña Charlie Gipson Murtaza Sharifi

2. Globalization Defined  The process of interaction and integration among the people, companies, and governments of different nations  Driven by international trade and investment  Aided by information technology

3. Gregory Mankiw o GDP: the market value of all officially recognized final goods and services produced within a country in a given period of time o Globalization causes higher economic growth which will rise GDP, in a normal sample Mahbub ul Hag(left) Amartya Sen(right)

4. Human Development Index o A composite statistic of life expectancy, education, and income used to rank countries into four tiers of human development

5. Positive Effects  Increase in access to international markets  Domestic producers produce more efficiently  Wide variety of goods at lower prices  Comparative advantage leads to specialization and economic productivity

6. Negative Effects  Detrimental to Small Businesses  Labor Costs  Marginalization of Lower Skilled Workers  Overuse of Natural Resources

7. China Enters WTO

8. Globalization in Domestic Economic Recovery  Interconnectedness  Negative and Positive Effects in Process  GDP Growth

9. Interconnectedness seen in GDP