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SS chapt 9 Issue 3

Yap Thiam Onn Keane (Gyss) 6 questions

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Questions in this quiz (6)

  1. 1One positive impact of global economy on [blank_start]countries[blank_end] include [blank_start]economic growth[blank_end].

    Due to [blank_start]higher investments and trading[blank_end], countries may obtain [blank_start]higher tax revenue[blank_end] and creation of [blank_start]greater employment opportunities[blank_end]. With more tax revenue, the country can improve on its [blank_start]infrastructure[blank_end], [blank_start]amenities[blank_end] and [blank_start]social services[blank_end] which may lead to [blank_start]higher standard of living[blank_end].

    One such country is Singapore. Singapore started in the [blank_start]1960s[blank_end] with the establishment of [blank_start]Jurong Industrial Estate[blank_end], producing goods such as [blank_start]textiles and wood products[blank_end]. This gave Singaporeans many [blank_start]employment opportunities[blank_end]. However, by the [blank_start]1990s[blank_end], Singapore has progressed from the [blank_start]industrialisation programme[blank_end] to [blank_start]research and technology[blank_end] and has [blank_start]plugged into the global economy[blank_end]. It encourages [blank_start]foreign investment[blank_end] and [blank_start]invests in other countries[blank_end].

    In [blank_start]2013[blank_end], FDI in Singapore amounted to over [blank_start]$800 billion[blank_end]. This helps the nation to [blank_start]expand their businesses[blank_end] in Asia and the rest of the world, leading to [blank_start]more tax revenue for the country[blank_end].

    When Singapore signed the FTA with the [blank_start]United States[blank_end] in [blank_start]2013[blank_end], it brought about [blank_start]good relationships[blank_end] and [blank_start]employment opportunities[blank_end] both in the US and Singapore. With employment, Singaporeans will be able to [blank_start]raise their income[blank_end] and [blank_start]standard of living[blank_end].

    Singapore’s GDP has grown from [blank_start]$2.16 billion in 1960[blank_end] to [blank_start]$390.09 billion in 2014[blank_end] due to being plugged in the global economy.
    1. Acountries
    2. Beconomic growth
    3. Chigher investments and trading
    4. Dhigher tax revenue
    5. Egreater employment opportunities
    6. Finfrastructure
    7. Gamenities
    8. Hsocial services
    9. Ihigher standard of living
    10. J1960s
    11. KJurong Industrial Estate
    12. Ltextiles and wood products
    13. Memployment opportunities
    14. N1990s
    15. Oresearch and technology
    16. Pplugged into the global economy
    17. Qforeign investment
    18. Rinvests in other countries
    19. S2013
    20. T$800 billion
    21. Uexpand their businesses
    22. Vmore tax revenue for the country
    23. WUnited States
    24. X2013
    25. Ygood relationships
    26. Zemployment opportunities
    27. AAraise their income
    28. ABstandard of living
    29. AC$2 billion in 1960
    30. AD$390 billion in 2014
    31. AEindustrialisation programme
  2. 2[blank_start]Larger market shares[blank_end] can be attained by [blank_start]companies[blank_end] due to globalisation. This is especially true for MNCs which can set up operations in [blank_start]different locations[blank_end] to [blank_start]maximise market outreach[blank_end]. Hence, as this increases their [blank_start]consumer pool[blank_end], there are [blank_start]more customers for their product[blank_end] and hence they will [blank_start]sell more product[blank_end] and earn a [blank_start]larger amount of profit[blank_end].

    Singaporean companies like [blank_start]CapitaLand[blank_end] have done so and as a result been able to [blank_start]increase their market for consumers[blank_end]. In particular, CapitaLand is present in over [blank_start]20 countries[blank_end] and hence this allows them to [blank_start]earn more[blank_end] from their [blank_start]real-estate business[blank_end]. [blank_start]Higher profits margins[blank_end] can also be attained due to globalisation.

    For instance, [blank_start]labour costs[blank_end] may be [blank_start]lower[blank_end] in another country, which can allow the company to move its [blank_start]production facilities offshore[blank_end] to [blank_start]minimise the cost[blank_end] of production. This thus allows them to earn a [blank_start]large profit[blank_end] as they do not have to [blank_start]pay as much for production[blank_end], allowing them to earn more. [blank_start]China and Vietnam[blank_end] are two popular destinations for MNCs to [blank_start]move their production[blank_end] to because these two countries have [blank_start]exceedingly low labour costs[blank_end] compared to other Western countries
    1. ALarger market shares
    2. Bcompanies
    3. Cdifferent locations
    4. Dmaximise market outreach
    5. Econsumer pool
    6. Fmore customers for their product
    7. Gsell more product
    8. Hlarger amount of profit
    9. ICapitaLand
    10. Jincrease their market for consumers
    11. K20 countries
    12. Learn more
    13. Mreal-estate business
    14. NHigher profits margins
    15. Olabour costs
    16. Plower
    17. Qproduction facilities offshore
    18. Rminimise the cost
    19. Slarge profit
    20. Tpay as much for production
    21. UChina and Vietnam
    22. Vmove their production
    23. Wexceedingly low labour costs
  3. 3One positive impact of the global economy on [blank_start]individuals[blank_end] is that one may be able to obtain [blank_start]higher income[blank_end]. Globalisation has [blank_start]facilitated mobility[blank_end], making it easier for individuals to look for [blank_start]jobs overseas[blank_end] as there may be better job prospects and higher salary.

    An example of it is that there are [blank_start]many Filippino nurses[blank_end] working in Singapore. Because of [blank_start]Philippine’s poor economy[blank_end], many of their nurses decided to come to Singapore to work as Singapore offers better [blank_start]prospect and a higher salary[blank_end].

    Hence, as it allows people to [blank_start]pursue better opportunities[blank_end] and [blank_start]job prospects[blank_end], it is thus [blank_start]beneficial for them[blank_end] in terms of [blank_start]higher income[blank_end].
    1. Aindividuals
    2. Bhigher income
    3. Cfacilitated mobility
    4. Djobs overseas
    5. Emany Filippino nurses
    6. FPhilippine’s poor economy
    7. Gprospect and a higher salary
    8. Hpursue better opportunities
    9. Ijob prospects
    10. Jbeneficial for them
    11. Khigher income
  4. 4However, there are also negative impacts of the global economy. When there is an [blank_start]economic downturn[blank_end] in one country, it may [blank_start]affect other countries[blank_end]. A country may [blank_start]withdraw its investment[blank_end] and [blank_start]reduce its demand[blank_end] for goods and services from other countries, which leads to [blank_start]lesser income and employment[blank_end].

    One such example is the [blank_start]Global Financial Crisis[blank_end] in [blank_start]2008[blank_end] which started in the US where banks were faced with [blank_start]financial constrains[blank_end]. Due to this, the European banks which had many [blank_start]economic interconnections[blank_end] with the US, also ran into [blank_start]financial difficulty[blank_end]. This led to a [blank_start]further reduction[blank_end] in demand for [blank_start]goods and services worldwide[blank_end], causing [blank_start]production countries[blank_end] such as [blank_start]China and India[blank_end] to be affected negatively. [blank_start]20 million migrant workers[blank_end] lost their jobs in [blank_start]2008[blank_end] and [blank_start]investments in India[blank_end] fell from [blank_start]US$20.5 billion[blank_end] to [blank_start]US$11.5 billion[blank_end].
    1. Aeconomic downturn
    2. Baffect other countries
    3. Cwithdraw its investment
    4. Dreduce its demand
    5. Elesser income and employment
    6. FGlobal Financial Crisis
    7. G2008
    8. Hfinancial constrains
    9. Ieconomic interconnections
    10. Jfinancial difficulty
    11. Kfurther reduction
    12. Lgoods and services worldwide
    13. Mproduction countries
    14. NChina and India
    15. O20 million migrant workers
    16. P2008
    17. Qinvestments in India
    18. RUS$20.5 billion
    19. SUS$11.5 billion
  5. 5However, there are also negative impacts on the [blank_start]individuals[blank_end] from the global economy. They may be [blank_start]adversely affected[blank_end] by the [blank_start]increased competition[blank_end]. They may have to contend with [blank_start]lower income[blank_end] or [blank_start]risk losing their jobs[blank_end]. Individuals may lose their jobs when companies [blank_start]shift their operations[blank_end] to [blank_start]another location[blank_end]. Furthermore, as [blank_start]industries transform[blank_end], the skills required also changes and thus, individuals who do not have the [blank_start]relevant skills[blank_end] may also lose their jobs.

    An example of this is the [blank_start]Japanese fashion chain, Uniqlo[blank_end]. It first started its operations in [blank_start]Shenzhen, China[blank_end], because of the [blank_start]low labour cost[blank_end]. However, as China’s [blank_start]manufacturing and labour costs rose[blank_end], it was no longer profitable for the company to base its [blank_start]product operations in China[blank_end]. In [blank_start]2013[blank_end], Uniqlo moved out of China into [blank_start]Vietnam[blank_end] where [blank_start]labour costs were half[blank_end] that of China’s. Thus, [blank_start]thousands[blank_end] of individuals lost their jobs.
    1. Aindividuals
    2. Badversely affected
    3. Cincreased competition
    4. Dlower income
    5. Erisk losing their jobs
    6. Fshift their operations
    7. Ganother location
    8. Hindustries transform
    9. Irelevant skills
    10. JJapanese fashion chain, Uniqlo
    11. KShenzhen, China
    12. Llow labour cost
    13. Mmanufacturing and labour costs rose
    14. Nproduct operations in China
    15. O2013
    16. PVietnam
    17. Qlabour costs were half
    18. Rthousands
  6. 6Increased competition due to the entry of [blank_start]foreign companies[blank_end] may threaten local companies as a result. This results in a situation where SMEs are [blank_start]forced to compete[blank_end] against MNCs for [blank_start]control over a market[blank_end]. To remain successful, a company has to [blank_start]continually innovate[blank_end] and [blank_start]invest into research and development[blank_end]. However, SMEs may not have the [blank_start]funds required to do so[blank_end] as MNCs do, hence the entry of MNCs means that they will be [blank_start]outcompeted[blank_end] and hence forced to close down.

    One example of this would be [blank_start]Nokia in Finland[blank_end]. After the release of the [blank_start]iPhone by Apple[blank_end], Nokia’s [blank_start]previously majority market-share[blank_end] in the mobile phone industry had dropped and eventually they were forced to close down due to their [blank_start]tanking profit[blank_end]
    1. Aforeign companies
    2. Bforced to compete
    3. Ccontrol over a market
    4. Dcontinually innovate
    5. Einvest into research and development
    6. Ffunds required to do so
    7. Goutcompeted
    8. HNokia in Finland
    9. IiPhone by Apple
    10. Jprevious majority market-share
    11. Ktanking profit

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Description
GCE O-Level Social Studies Quiz on SS chapt 9 Issue 3, created by Yap Thiam Onn Keane (Gyss) on 22/10/2022.
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