Monzer Kahf  "the study of an A definition used by some, according to M. Anas Zarqa   a discipline that goes beyond the practice of Western economics—which seeks to make "positive analysis" and give an objective description of what is—to provide normative policy prescriptions of what ought to be and can be.
Explain in your own words. It is the process by which the people of the world are unified into a single society and function together.
This term is also often used to refer to economic globalisation: Why did it wish to remove these barriers? Answer Barriers to foreign trade and foreign investment were put by the Indian government to protect domestic producers from foreign competition, especially when industries Economics question and answers just begun to come up in the s and s.
At this time, competition from imports would have been a death blow to growing industries. Hence, India allowed imports of only essential goods. Later, in the s, the government wished to remove these barriers because it felt that domestic producers were ready to compete with foreign industries.
It felt that foreign competition would in fact improve the quality of goods produced by Indian industries. This decision was also supported by powerful international organisations.
Answer Flexibility in labour laws will help companies in being competitive and progressive. By easing up on labour laws, company heads can negotiate wages and terminate employment, depending on market conditions.
Answer The various ways in which MNCs set up, or control, production in other countries are by buying out domestic companies or making the latter work for them.
Sometimes, MNCs buy mass produce of domestic industries, and then sell it under their own brand name, at much higher rates, in foreign countries. MNCs look towards developing nations to set up trade because in such places, the labour and manufacturing costs are much lower.
What do you think should the developing countries demand in return? Answer Developed countries want developing countries to liberalise their trade and investment because then the MNCs belonging to the developed countries can set up factories in less-expensive developing nations, and thereby increase profits, with lower manufacturing costs and the same sale price.
In my opinion, the developing countries should demand, in return, for some manner of protection of domestic producers against competition from imports. Also, charges should be levied on MNCs looking to set base in developing nations.
The truth of this statement can be verified if we observe the impact of MNCs on domestic producers and the industrial working class. Small producers of goods such as batteries, capacitors, plastics, toys, tyres, dairy products and vegetable oil have been hit hard by competition from cheaper imports.
This has reduced their job security. Answer Liberalisation of trade and investment policies has helped the globalisation process by making foreign trade and investment easier. Earlier, several developing countries had placed barriers and restrictions on imports and investments from abroad to protect domestic production.
However, to improve the quality of domestic goods, these countries have removed the barriers. Thus, liberalisation has led to a further spread of globalisation because now businesses are allowed to make their own decisions on imports and exports.
This has led to a deeper integration of national economies into one conglomerate whole. Explain with an example other than those given here. Answer Foreign trade leads to integration of markets across countries by the processes of imports and exports. Producers can make available their goods in markets beyond domestic ones via exports.
Likewise, buyers have more choice on account of imports from other countries.
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This is how markets are integrated through foreign trade. For example, Japanese electronic items are imported to India, and have proved to be a tough competition for less-technologically-advanced companies here. Can you imagine what the world would be like twenty years from now?
Give reasons for your answer. Answer Globalisation will continue in the future. Twenty years from now, the world will be more globally connected and integrated into one international economy, if this process continues on a fair and equitable basis.
Trade and capital flows will increase alongside the mobility of labour.You can use the resources below as you prepare for the AP Exam. Click here for details about the exam format.. Sample Questions. You’ll find sample multiple-choice and free-response questions in the AP Economics Course Description .pdf/KB)..
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ECONOMICS (64) Aims: 1. To acquire the knowledge of terms, facts, concepts, trends, principles, assumptions, etc. in Economics. 2. To develop familiarity with the basic terminology requiring short answers and will cover the entire syllabus. Section B will consist of questions, which will require detailed answers.
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