KSEEB Solutions for Class 10 Business Studies Chapter 3 Globalization of Business

Students can Download Business Studies Chapter 3 Globalization of Business Questions and Answers, Notes Pdf, KSEEB Solutions for Class 10 Social Science helps you to revise the complete Karnataka State Board Syllabus and to clear all their doubts, score well in final exams.

Karnataka State Syllabus Class 10 Social Science Business Studies Chapter 3 Globalization of Business

Class 10 Social Science Globalization of Business Textbook Exercise Questions and Answers

I. Answer The Following Questions.

Question 1.
What is Globalization? Explain.
Answer:
The International Monetary fund (IMF) has defined globalization as “The growing economic interdependence of countries worldwide through increasing volume and variety of cross border transactions in goods and services and of international capital flow, and also through the more rapid and widespread diffusion of technology”.

From this definition, it is clear that:

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

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

Increases international trade at a faster rate for the growth of world economy.
Increases the international flow of capital including foreign investment.
Development of global financial system.
Increases economic practices like outsourcing by multinational corporations.
Creates an international cultural exchange.
Creates international travel and tourism.
Spread of local foods such as Pizza and Indian food to other countries.
Development of global telecommunication infrastructure and greater transfer-border data flow.
Use of technologies such as the exchange of data technology, Internet communication satellites and cell phones improves.

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 similar types of products all over the world.
Globalization increases the GDP of a country.
Globalization has helped in increasing the income of the people.
Globalization creates competition for local firms and thus keeps the costs down.
Globalization promotes specialization, countries can begin to specialists 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:
Globalization has its own characteristics. The chief characteristics are:

Increasing international trade at fast growth.
Increasing the international flow of capital including foreign investment.
Creating international agree¬ments leading to organizations like WTO and OPEC.
Developing global financial system.
Increasing the role of international organizations such as WTO, WIPO, IMF etc. that deal with international transactions.
Creating an international cultural exchange.
Creating international travel and tourism.
Spreading of local foods such as Pizza and Indian food to other countries.
Developing global telecommunicational infrastructure and greater transfer-border data flow etc.

Question 5.
Explain the negative aspects of Globalization with examples.
Answer:

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 labor in law.
Globalization has also led to an increase in activities such as child labour and slavery.
Unethical practices in business dealings
It is also observed that Globalization helped terrorists and criminals.
Industrial waste is accumulated and pollution levels are sky-high.
Fast-food chains like McDonald’s and K.FC 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.
Another comment leveled is that the rich are getting richer and the poor are struggling for a square meal.
Some of the deadly viral diseases such as AIDS and CANCER, Dengue fever etc spread all over the world.
Globalization has led to environmental degradation
Taking a heavy toll on the natural reserves of planet earth and pollution has severely impacted the quality of air.
Lead to unemployment in developed countries where the cost of production is high.

Question 6.
What are the aims of the World Trade Organisation?
Answer:
The aims of the World Trade Organisation are:

Settling disputes and reduce trade tension of the member countries.
Stimulating economic growth and employment.
Encouraging good governance.
Bring down the living cost and raise the standard of living of the member countries.

Class 10 Social Science Globalization of Business Additional Questions and Answers

One Marks Questions

Question 1.
“Globalization is a worldwide unit” How?
Answer:
Close relationships and interdependence among the countries of the world have increased and business.

Question 2.
How “Globalization creates free trade zone”?
Answer:
Removing the import and export duties.

Question 3.
“Globalization caused to decrease the value of the good” Why?
Answer:
Globalization creates competition for local firms and thus keeps the costs down.’

Question 4.
How Globalization promotes specialization?
Answer:
Countries can begin to specialist in those products that are best at making.

Question 5.
How Globalization caused to environmental pollution?
Answer:
Globalization has expanded the growth and development of cities which has been reduced to garbage dumps where all the industrial waste is accumulated.

Question 6.
How Globalization caused to degradation of health?
Answer:
Fast-food chains like McDonald’s and KFC are spreading fast. People have started consuming more junk food caused to the degradation of health [Cancer. Aids etc].

Question 7.
Did globalization cause unemployment in developed countries?
Answer:

Cheap imports of goods
The cost of production is high.

Question 8.
How does globalization creates free trade zone?
Answer:
Globalization creates free trade zone by removing the import and export duties.

Question 9.
How globalization reduces transportation expenses?
Answer:
Globalization reduces transportation expenses through container service in shipping.

Question 10.
Why WTO was established?
Answer:
Because globalization creates international trade terms.

Question 11.
Globalization is worldwide trade organization? How?
Answer:
Globalization creates subsidies

Question 12.
Globalization is cause to keep the cost down how?
Answer:
Globalization creates competition for local firms.

Question 13.
How globalization improved political and social links?
Answer:
Economic interdependence among different countries of the world.

Question 14.
Globalization has caused Child labour and slavery. How?
Answer:
In order to cut down costs, many firms in developed nations have out forced their manufacturing and white color jobs to Third world countries where the cost of labor is low.

Question 15.
Globalization results in the degradation of health and the spread of diseases. How?
Answer:
Fast-food chains like McDonald’s and KFC are spreading fast in the developing world. People have started consuming more junk food such as these.

Question 16.
“Globalization has caused environmental pollution”. How?
Answer:
It has expanded the growth and development of cities which has been reduced to garbage dumps where all the industrial waste is accumulated.

Three Marks Questions

Question 1.
Which are the major functions of W.T.O?
Answer:
WTO was established on 1st January 1995 at Geneva.

Functions:

Bring into force the trade agreements
Administrating the world trade agreements
Free and Independent trade
Solving trade disputes
Striving to reduce the taxes
Bringing international trade under legal framework
Assistance in underdeveloped nations.
Bringing efficiency in production
Trade by utilization resource effectively.