Question

Decide whether each item is a benefit or disadvantage of economic globalization.

a) Access to cheaper raw materials - Benefit
b) Disputes over scarce resources - Disadvantage
c) International cooperation - Benefit
d) Monopoly by nations holding essential natural resources such as oil - Disadvantage

Answer 1

Access to cheaper raw materials is a benefit, while disputes over scarce resources are a disadvantage of economic globalization. International cooperation is another benefit, but a monopoly by nations holding essential natural resources can be a disadvantage.

Step-by-step explanation:

Economic globalization has both benefits and disadvantages. Access to cheaper raw materials is a benefit as it can lower production costs and increase profitability for businesses. Disputes over scarce resources, such as oil, can be a disadvantage as it can lead to conflicts and geopolitical tensions. International cooperation is a benefit as it allows countries to work together to address global issues. However, a monopoly by nations holding essential natural resources can be a disadvantage as it gives them significant control over the global market and can lead to unequal distribution of wealth.