Globalization of Business Class 10 Questions and Answers KSEEB 10th Social Science

I. Discuss the following questions in group and then answer.

Question 1.
What is Globalization? Explain
Answer:
Globalization a new phenomenon to business field, the period between 1970 and 1913 played a growing trend towards globalization. But after 1980 Globalization achieved a great progress in the economic reforms of developing countries. Of late the achievements in technology, communication and Internet communication systems have made large business units as global units that mean the activities of these large business units are not confined only to the place where they are established but spread all over the world.

As a result of this the close relation and interdependence among the countries of the world has increased and market have become world wide units.

Globalization of Business and Answers KSEEB Class 10 Social Science

Question 2.
“Globalization is the worldwide economic movement” substantiate your answer.
Answer:

  • Globalization is the increasing cross border movement of goods and services.
  • International flow of capital, technology and information
  • Formation of one worldwide market by obtaining raw materials and other resources from cheap market
  • Production of goods in any region of the world at cheaper cost.

Question 3.
What are the advantages of Globalization?
Answer:

  • Globalization promotes economic growth and generates a wider range of products and services.
  • Globalization helps to increase the standard of living of the people
  • Globalization has made the availability of the similar type of products all over the world.
  • Globalization increases the GDP of a country.
  • Globalization has helped in increasing the income of the people
  • By buying the products from other countries, customers are offered a much wider choice of goods and services.
  • Globalization creates competition for local firms and thus keeps the costs down.
  • Globalization promotes specialization. Countries can begin to specialist in those products that are best at making.
  • Economic interdependence among different countries can build improved political and social links.

Question 4.
Make a , list of the characteristics of Globalization.
Answer:
Main characteristics of Globalization:

  • Increases international trade at a faster rate for the growth of world economy.
  • Increases the international flow of capital including foreign investment.
  • Globalization creates international agreements leading to organizations like to WTO and OPEC (Oil Producing and Exporting Countries)
  • Development of global Financial system.
  • Increases the role of international organizations such as WTO. WIPO (World intellectual Property Organization) IMF (International Monetary Fund), etc., that deal with international transactions.
  • Increases economic practices like outsourcing by multi¬national corporations.
  • Creates international cultural exchange.
  • Spreading of multi¬culturalisation and better individual access to cultural diversity.
  • Creates international travel and tourism.
  • Greater immigration including illegal immigration.
  • Spread of local foods such as Pizza and Indian food to other countries.
  • Development of global telecommunications infra¬structure and greater transfer- border data flow.
  • Use of technologies such as exchange of data technology, Internet communication satellites and cell phones improves.

Globalization of Business and Answers KSEEB Class 10 Social Science

Question 5.
Explain the negative aspects of Globalization with examples.
Answer:
Disadvantages of Globalization (Negative impacts of Globalization)
Though it is true that the globalization has brought new dimensions to this world and people are mingling with each other more freely and professionally, there are certain challenges one need to face in accepting the new-u-tum… some of the negative impacts of globalization are as follows.

1. In order to cut down costs, many firms in developed nations have outsourced their manufacturing and white collar jobs to Third-World countries where the cost of labour is low. Globalization has also led to an increase in activities such as child labour and slavery.

2. Globalization has resulted in a fiercely- competitive global market with the embarrassment of unethical practices in business dealings.

3. It is also observed that globalization helped terrorists and criminals.

4. Globalization has expanded the growth and development of cities which has been reduced to garbage-dumps where all the industrial waste is accumulated and pollution levels are sky-high.

5. Fast food chains like McDonalds and KFC are spreading fast in the developing world. People have started consuming more junk food. This results in the degradation of health and spread of diseases. The traditional family attached food habits are being slowly disappearing.

6. Another comment leveled is that the rich are getting richer and the poor are struggling for a square meal.

7. Some of the deadly viral diseases such as AIDS and CANCER, Dengue fever etc., Spread all over the world.

8. Globalization has led to environmental degradation.

9. The amount of raw materials needed to run industries and factories is taking a heavy toll on the natural reserves of planet earth and pollution has severely impacted the quality of air that we need so much for our survival.

10. The other challenges of globalization are cheap imports of goods from developing nations could lead to unemployment in developed countries whefe the cost of production is high.

11. Further it leads to Increased competition for infant industry, and Small scale industries and by dumping’ of goods by certain countries at below cost price may harm industries in other countries.

Globalization of Business and Answers KSEEB Class 10 Social Science

Additional Questions and Answers

Question 1.
Explain the factors which include in Globalization.
Answer:
Globalization refers to the worldwide phenomenon of technical, economic, political and cultural exchanges, brought about by modern communication, transportation and legal infrastructure as well as the political choice to consciously open cross-border links in the international trade and finance.

Globalization encourages international ‘capital and trade overcoming the political barriers among the countries.
Globalization creates free trade zone by removing the import and export duties.

Through container service in shipping, globalization reduces the transportation expenses.
Globalization helps to reduce the restriction on capital investment or fully removes the barriers on capital flow.

Globalization creates subsidies to the worldwide trade organization.
Globalization creates harmonization of intellect property laws across the majority of states which have more restrictions.
Ex: Some patent goods of China are found in some prominent business houses of America.)

Question 2.
Write a short note on World Trade Organisation.
Answer:
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. WTO office is located at Geneva in Switzerland, established on 1st January 1995. At present 149 countries of the world are the members of WTO. The members meet once in two years to take decisions.

Multiple Choice Questions and Answers

Question 1.
The’World Trade Organisation’ came into existence in
(a) 1990
(b) 1992
(c) 1993
(d) 1995
Answer:
(d) 1995

Globalization of Business and Answers KSEEB Class 10 Social Science

Question 2.
The mediator in administering world trade agreements is
(a) UNO
(b) World bank
(c) World trade organization
(d) International Monetary Fund
Answer:
(c) World trade organization

Question 3.
The growing economic interdependence of countries world wide is a result of
(a) Industralization
(b) Computerization
(c) Globalization
(d) Communication .
Answer:
(c) Globalization

Question 4.
Unemployment in developing countries has increased’due to
(a) automation
(b) computerization
(c) competition
(d) globalization
Answer:
(d) Globalization

Question 5.
The expansion of WIPO is
(a) World industrial production organization
(b) World intellectual property organization
(c) World Infrastructure protection organization
(d) World import promotion organization.
Answer:
(b) World intellectual property organization

10th Class Social Science Question Answer

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