Module 1 Study Guide Chapter 1 1. What is the difference between a. and a. What is the discipline of economics study? In your answer, use at least four of the following five terms: economics, scarcity, division of labor, specialization, economies of scale. The study of how societies distribute their finite resources to satisfy their needs and desires in the face of scarcity is known as economics. An essential idea in economics, scarcity signifies that resources are restricted compared to the limitless demands and requirements of people and society. The division of labor, which entails dividing up the production process into smaller jobs and allocating them to individuals or groups, is a fundamental concept in economics. Specialization is the …show more content…
What is the difference between a.. Assess the importance and effects of globalization. The interdependence of economies, cultures, and communities across borders, or globalization, is a phenomenon of great significance and wide-ranging consequences. Economic Growth: The acceleration of the world economy has been greatly aided by globalization. It facilitates cross-border trade, investment, and capital flows, giving nations access to new markets, resources, and innovations. As a result, it has helped many areas experience lower rates of poverty and higher living standards. Interaction with people from other cultures and traditions is made possible by globalization, which promotes cultural interchange. In addition to enhancing societies, this cross-cultural exchange of ideas, music, art, and values fosters tolerance and understanding. Technological Advancement: Globalization has expedited the global dissemination of information and technology. Rapid breakthroughs in science, technology, and communication can be attributed to its ability to ease the diffusion of inventions and knowledge. Job Opportunities: Export-oriented businesses and the service sector have benefited greatly from globalization. It has made it possible for people to look for work prospects outside of their own country. Challenges: Globalization is not without problems, though. The uneven distribution of benefits might worsen economic inequality. Economic upheaval and job losses may occur in some places, especially in sectors of the economy where there is more competition from abroad. Environmental Impact: As a result of greater international trade and transportation, there is a risk of increased energy consumption, pollution, and resource depletion. Globalization may exacerbate these environmental problems. Cultural Homogenization: Opponents contend that as local cultures are impacted by dominant global cultures, globalization may cause them to erode. Cultural diversity may be lost as a result of