1. Aim: What is globalization and how does it affect the economy?
Do Now:
How has the world become more interconnected and dependent upon one another? (Provided several examples and how they have made the world a smaller place.)
Homework:
Work on your Current Events presentations –refer to schedule for due dates.

2. How has the world become more interconnected and dependent upon one another?
(Provided several examples and how they have made the world a smaller place.)
-products from different places are being sold in our stores
-we watch videos and tv shows from different places
-we can call and talk to or chat with relatives or friends from different countries
-if oil countries don’t produce more oil, the price of them will rise
-factories leave our country to open up in other countries where they worker and resources are cheaper

3. What is Globalization?

4. What is Globalization?
Globalization refers to the increasing unification of the world's economy
Trade has increased because of reduced international trade tariffs (taxes), export fees, and import quotas.

6. Pros of Globalization
Productivity grows more quickly when countries produce goods and services in which they have a comparative advantage. Living standards can go up faster.
Global competition and cheap imports keep a lid on prices, so inflation is less likely to derail economic growth.
An open economy spurs innovation with fresh ideas from abroad.
Export jobs often pay more than other jobs.
Unfettered capital flows give the U.S. access to foreign investment and keep interest rates low.

7. Cons of Globalization
Millions of Americans have lost jobs due to imports or production shifts abroad. Most find new jobs--that pay less.
Millions of others fear losing their jobs, especially at those companies operating under competitive pressure.
Workers face pay-cut demands from employers, which often threaten to export jobs.
Service and white-collar jobs are increasingly vulnerable to operations moving offshore.
U.S. employees can lose their comparative advantage when companies build advanced factories in low-wage countries, making them as productive as those at home

8. lost jobs due to imports or production shifts abroad
Pros
Cons
Productivity grows more quickly
Living standards can go up faster
Cheap imports keep prices low
Open economy makes innovation happen with fresh ideas
Pay more than other job
U.S. access to foreign investment
Keep interest rates low
lost jobs due to imports or production shifts abroad
Most find new jobs that pay less
others fear losing their jobs
Workers face pay-cut
U.S. employees can lose their comparative advantage

10. How does globalization impact the economy of the United States?
Closing Questions
How does globalization impact the economy of the United States?
How does globalization impact the economy of developing nations?