Economic Globalization Is the Integration of ________ Across National Borders

question 16

Multiple Choice

Economic globalization is the integration of ________ across national borders.

• A) sweatshop factories
• B) government administration
• C) labour markets
• D) economic activities
• E) free market policies

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Definitions:

Heckscher-Ohlin Model

An economic theory that explains international trade in terms of differences in the relative endowments of factors of production among nations, suggesting that countries will export goods that make intensive use of locally abundant factors.

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors.

Labor-Intensive

A term describing a process or industry that requires a large amount of labor to produce its goods or services as compared to the amount of capital required.

Comparative Advantage

The capacity of a being to generate a product or offer a service at a reduced opportunity cost in comparison to another.