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How does Globalisation impact the economy of a country? Flashcards | StudBud
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How does Globalisation impact the economy of a country?
How does Globalisation impact the economy of a country?
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At least 2 things that one see when a country is connected to globalisation
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Answers
1
Which of the countries listed could cause an economic shock to the rest of the world?
The USA
China
Singapore
Indonesia
2
Which of the country are major investors in Singapore?
North Korea
Yemen
The USA
Turkey
3
What are some incentives to help SMEs by the SG government?
Helping SMEs to think of creative ways to innovate
Help SMEs to expand overseas
Introduce more competition from overseas companies
Financial assistance in the form of grants and loans
4
Which of these countries do not participate in international trade?
North Korea
Malaysia
India
Japan
5
Singapore signed a FTA with the US in 2004, which sectors were identified for cooperation?
Agriculture
Petrochemical, manufacturing
E-commerce with Amazon
Artificial Intelligence, Robotics
6
What are the benefits to the economy when a country opens to foreign investments?
Countries sign agreements to lower tariffs
Forest will be cleared to make way for housing
More trade between the countries.
When major buyers experience shocks, other countries gain
7
Why would the company 'Dyson' pick Singapore to build its electric cars?
Can sell the cars at very high prices in Singapore
Generous incentives,tax breaks, grants to cover 30% of costs
Dyson aims to sell the electric cars to Singapore and SEA
High labour and land costs
8
Why are countries all over the world afraid of the trade war between US and China?
War will break out as tensions escalates
Prices of goods & services may fluctuate due to uncertainty
Economies of trading partners may be negatively impacted
Countries must take sides and a wrong move might be deadly
9
What do you see when there is an economic downturn?
People cut spending, eat at home and cut travelling
Companies take advantage of the downturn to produce more
Companies withhold and delay investments and recruitment
Local government increases taxes
10
Why did the home-grown company Neptune Orient Line (NOL) have to sell their company away?
Another company forcefully bought them over
Wanted to take a break from the competitive globalised world
Unable to remain competitive which led to rising costs
The marine sector slowed down so NOL wanted to change focus
11
Which of these countries are major importers of the world?
Iraq, Iran, Syria
USA, European Union and China
Russia
Singapore, Malaysia, Indonesia
12
What is a possible economic impact on individuals due to globalisation?
Increased competition for low-skilled and high-skilled jobs
Lesser opportunities to look for jobs overseas
Higher income due to a loss in skills and knowledge
Unable to keep up with changes in skills required
