CBSE Class 10 Economics Important Questions - Chapter 4 Globalisation and the Indian Economy

1. Our economy has been made more accessible to foreign commerce and investment since our independence. Is the claim accurate or inaccurate?

1. True

2. False

Ans:

1. True

2. Describe what a multinational corporation is.

Ans:

• A multinational corporation (MNC) is a company that operates in multiple countries beyond its home base. These corporations manage production or deliver services in more than one country and have facilities and assets in various locations around the world. 

• MNCs typically centralise their management functions in their home country while distributing production and operational tasks across their international branches. 

• This global presence allows them to benefit from diverse markets, access cheaper resources, and optimise production efficiencies. Examples include companies like Apple, Microsoft, and Toyota.

3. What does it mean to invest abroad? What was Ford Motors' investment in India?

Ans:

• Foreign investment refers to the investment made by individuals, companies, or governments in assets located in another country. This can include investments in business operations, stocks, bonds, real estate, or other forms of capital that contribute to the economic development of the host country.

• Ford Motors initially invested approximately $2 billion in India. This investment was aimed at establishing manufacturing facilities, expanding their market presence, and contributing to the growth of the Indian automotive industry.

4. By establishing their manufacturing facilities in India, multinational corporations (MNCs) like Ford Motors take advantage of the nation's sizable markets as well as its cheaper production costs. Describe the assertion.

Ans: The statement highlights how multinational corporations (MNCs) like Ford Motors benefit from setting up production plants in countries like India. By establishing manufacturing facilities in India, MNCs can leverage two key advantages:

• Large Markets: India, with its vast population, offers a significant market for products. Setting up production plants locally allows MNCs to cater to this large consumer base more effectively, adapting products to local preferences and increasing their market share.

• Lower Costs of Production: India often has lower production costs compared to more developed countries. This includes cheaper labour, lower raw material costs, and reduced operational expenses. By manufacturing goods in India, MNCs can reduce their overall production costs, increase profit margins, and remain competitive in the global market.

5. Describe the consequences of an import tariff on Chinese toys imposed by the Indian government. Make three points.

Ans:

• Increased Prices for Consumers: The tax on imported Chinese toys would likely raise their prices in the Indian market. This could lead to higher costs for consumers who wish to purchase these toys, potentially reducing their affordability and sales volume.

• Boost to Domestic Toy Industry: Higher taxes on imported toys could make locally produced toys more competitive in terms of price. This might encourage consumers to buy Indian-made toys, providing a boost to the domestic toy industry and potentially leading to growth and job creation within this sector.

• Trade Tensions: Implementing such taxes could lead to trade tensions between India and China. China might respond with countermeasures, affecting other areas of trade between the two countries. This could strain diplomatic and economic relations and impact various industries beyond just toys.

6. The majority of significant international corporations, like Nike, Coca-Cola, Pepsi, Honda, and Nokia, are American, Japanese, or European. Identify the reason, if you can.

Ans:

• Historical Industrialisation: The industrialisation that began in these regions in the 19th and early 20th centuries laid the foundation for their economic dominance. Early industrial advancements provided these countries with the infrastructure and capital to develop multinational enterprises.

• Economic Power and Resources: These regions have historically had strong economies, advanced technology, and significant financial resources. This economic strength allowed their companies to expand globally, invest in international markets, and build extensive multinational operations.

• Globalisation and Market Expansion: American, Japanese, and European companies have been pioneers in globalisation, driven by their desire to tap into new markets, access cheaper resources, and optimise production. Their investments in international markets have further reinforced their global presence.

• Innovation and Brand Building: Companies from these regions have often been leaders in innovation and brand development. By creating strong, globally recognised brands, they have successfully expanded their influence worldwide.

• Trade Policies and Agreements: These regions have historically benefited from favourable trade policies and international agreements that facilitated their global expansion.

7. What used to be the primary route for bringing nations together? What has changed since then?

Ans:

• Main Channel in the Past: Historically, the primary channels connecting countries were overland trade routes such as the Silk Road and maritime routes like the Indian Ocean trade network. These routes facilitated the exchange of goods, ideas, and cultures across continents.

• Difference Now: Today, the main channels of connection are predominantly through advanced technology and global communication systems. Modern channels include:

1. Global Trade Networks: Unlike ancient trade routes, today's trade is facilitated by sophisticated logistics networks, including container shipping, air freight, and rail networks, which allow for faster and more efficient global trade.

2. Digital Communication: The internet and digital technologies have revolutionised global interactions, enabling instant communication, online commerce, and real-time information exchange across the globe.

3. Financial Systems: Modern financial systems, including global banks and electronic payment systems, have replaced older methods of trade and payment, making cross-border transactions quicker and more secure.

8. Foreign investments versus foreign trade. Describe the variations.

Ans:

• Foreign trade and foreign investments differ primarily in their nature and purpose. 

• Foreign trade involves the exchange of goods and services across borders, where countries import and export products to satisfy domestic demand and leverage comparative advantages.

•  In contrast, foreign investments refer to the transfer of capital into another country through direct investments, such as establishing businesses, or portfolio investments, like buying shares. 

• While foreign trade focuses on enhancing access to a variety of goods and services and influencing the balance of trade, foreign investments aim to generate financial returns, access new markets, and contribute to economic growth through job creation and technology transfer. 

• Trade is regulated by policies, tariffs, and agreements, whereas investments are managed by foreign investment laws and regulations.

9. How will the integration of the steel markets in the two nations result from the import of steel from India into the Chinese markets? Describe.

Ans:

• The import of steel from India into the Chinese markets can significantly integrate the steel markets of the two countries in several ways. 

• First, it fosters direct economic links by creating trade relationships, which can lead to more balanced supply and demand between the two markets. 

• As Indian steel enters the Chinese market, it increases competition, potentially leading to more competitive pricing and improved quality due to market pressures. 

• This integration helps both countries benefit from each other’s strengths—India’s steel production capabilities and China’s vast market. 

• Additionally, increased trade between these countries encourages the sharing of technology and best practices, which can lead to enhanced production techniques and efficiencies. Overall, the flow of steel between India and China contributes to a more interconnected and competitive global steel market.

10. Describe how the integration of the steel markets in the two nations will result from the import of steel from India into the Chinese markets. Provide instances.

Ans:

• Price Competition: The introduction of Indian steel into China increases market competition, which can lead to lower steel prices in both countries. For example, if Indian steel is priced competitively, Chinese steel producers might need to adjust their prices to remain competitive, benefiting consumers in both nations with more affordable steel.

• Supply Chain Synergies: Integrating steel markets can improve supply chain efficiencies. For instance, if India exports steel to China, Chinese manufacturers can diversify their sources of steel, reducing dependency on domestic supplies and potentially benefiting from more stable and reliable steel availability.

• Market Expansion: Indian steel companies can gain access to the large Chinese market, while Chinese businesses can source high-quality steel from India. This mutual access expands market opportunities for both countries. For example, Indian companies like Tata Steel and JSW might see increased exports to China, while Chinese firms can use imported steel to meet domestic and international demands.

• Technology and Best Practices Exchange: Increased trade can lead to the sharing of technological advancements and best practices. For example, Indian steel producers might adopt advanced Chinese production techniques, while Chinese firms could benefit from Indian innovations in steel production.

11. How do MNCs fit into the process of globalisation?

Ans:

• Investment and Capital Flow: MNCs invest in different countries, providing capital and funding for new projects, businesses, and infrastructure. For example, an American company setting up a manufacturing plant in India brings in investment, creating jobs and boosting the local economy.

• Market Expansion: MNCs expand their markets beyond national boundaries, allowing them to access new customer bases and diversify their revenue streams. Companies like Coca-Cola and McDonald's, for instance, operate in numerous countries, adapting their products to local tastes and preferences while standardising certain aspects globally.

• Technology Transfer and Innovation: MNCs often bring advanced technology and innovative practices to host countries, improving productivity and fostering technological growth. For example, a technology firm from Silicon Valley opening a research and development centre in Europe can introduce new technologies and practices to the local market.

• Global Supply Chains: MNCs create complex global supply chains by sourcing materials and components from different countries. This integration helps streamline production processes and reduces costs. For instance, a car manufacturer might source parts from multiple countries, assembling the final product in a different location.

• Cultural Exchange: Through their global operations, MNCs facilitate cultural exchange and influence, spreading ideas, trends, and cultural practices across the world. For example, the global presence of fast-food chains contributes to a shared cultural experience while also adapting to local cultures.

12. What advantages does globalisation offer?

Ans:

1. Economic Growth: Globalisation stimulates economic growth by opening up markets and increasing trade opportunities. Countries can access larger markets for their products, which helps boost exports and drive economic expansion.

2. Increased Investment: It attracts foreign direct investment (FDI), leading to job creation, infrastructure development, and the transfer of technology and expertise. For example, multinational companies setting up operations in developing countries can provide capital and employment opportunities.

3. Access to New Markets: Businesses can expand their reach beyond national borders, reaching new customer bases and diversifying their revenue sources. This exposure helps companies grow and innovate by accessing different markets with varying needs and preferences.

4. Technological Advancement: Globalisation facilitates the spread of technology and innovation across borders. Countries can benefit from advanced technologies and practices developed elsewhere, which can enhance productivity and foster technological development.

5. Cultural Exchange: It encourages the exchange of cultural ideas and practices, leading to greater cross-cultural understanding and enrichment. People gain exposure to diverse cultures, foods, traditions, and lifestyles, which can enhance global harmony and tolerance.

6. Improved Quality and Variety: Consumers benefit from a wider range of products and services, often at lower prices due to increased competition. Globalisation encourages companies to improve quality and innovate to meet diverse consumer needs.

7. Enhanced Efficiency: By integrating global supply chains, businesses can optimise production processes, reduce costs, and increase efficiency. This can lead to lower prices for consumers and more efficient use of resources.

13. How does the use of information technology relate to globalisation? Had IT not grown, would globalisation have been feasible?

Ans:

• Facilitates Communication: IT revolutionises communication by providing instant connectivity through emails, social media, and messaging platforms. This seamless communication helps businesses coordinate across different time zones and geographies, making global operations more feasible and efficient.

• Enables Global Trade: Online platforms and e-commerce have transformed how businesses engage in international trade. IT systems manage transactions, track shipments, and provide access to global markets, significantly reducing the barriers to entry for businesses looking to trade internationally.

• Supports Financial Transactions: IT facilitates secure and efficient financial transactions, including international payments and investments. Online banking, digital payment systems, and financial software enable smooth cross-border financial activities and integration into the global financial system.

• Drives Innovation and Competitiveness: IT enables businesses to innovate and stay competitive in the global market. Companies leverage IT for research and development, product design, and market analysis, leading to technological advancements and enhanced global competitiveness.

• Enhances Data Sharing and Collaboration: IT systems allow for the efficient sharing of information and collaboration between international teams. Cloud computing, project management tools, and virtual collaboration platforms enable real-time collaboration and data sharing across borders.

• Provides Market Insights: IT tools and data analytics offer valuable insights into global market trends and consumer behaviour. Businesses use this information to make informed decisions, tailor products to different markets, and identify new expansion opportunities.

14. What does the liberalisation of international commerce mean to you?

Ans:

• Lowering import duties (tariffs) and removing restrictions on the quantity of goods that can be imported (quotas) to make it easier for foreign products to enter the domestic market.

• Eliminating non-tariff barriers such as licensing requirements, import bans, and bureaucratic hurdles that restrict trade.

• Entering into agreements with other countries or trading blocs to facilitate easier and more extensive trade relationships.

• Allowing foreign companies to compete in the domestic market, which can lead to increased efficiency, lower prices, and more choices for consumers.

• Enhancing integration into the global economy by aligning domestic trade policies with international standards and practices.

15. One kind of trade restriction is an import tax. Another option for the government would be to set a cap on the quantity of items that can be imported. We call this quota. Could you explain how quotas can be used as trade barriers using the Chinese toy example? Is this anything that ought to be used? Talk about it.

Ans:

• Quotas are limits imposed by a government on the amount of a specific product that can be imported within a certain period. For example, if India sets a quota on the number of Chinese toys imported annually, only a fixed number of these toys can enter the Indian market. 

• This helps protect local toy manufacturers from being undercut by cheaper imports, potentially allowing domestic producers to maintain higher prices and improve their profitability. 

• However, while quotas can support local industries and ensure product quality, they can also lead to higher prices for consumers and may provoke retaliatory trade measures from other countries. 

• Therefore, while quotas can be beneficial in shielding emerging industries and controlling product standards, they should be used judiciously to avoid negative impacts on consumers and international trade relations.

16. In your opinion, how can international trade be made more equitable?

Ans:

• Countries should adopt fair trade practices that ensure equitable trading conditions, promote workers' rights, and prevent exploitation. This includes setting minimum wage standards and improving working conditions in production countries.

• Governments and international organisations should work towards greater transparency in trade agreements and practices. Clear rules and regulations can help reduce corruption and ensure that trade policies are applied equally to all parties.

• Countries should engage in trade agreements that benefit all parties involved. Agreements should be balanced, considering the needs and capacities of both developing and developed nations to ensure mutual benefits.

• Providing technical and financial support to developing countries can help them improve their production capabilities and compete more effectively in global markets. This support can also include helping them build infrastructure and improve their trade regulations.

• Promoting environmentally and socially sustainable practices in international trade helps ensure that trade does not come at the expense of environmental degradation or social inequities.

17. The Indian economy has become much more globalised during the past 20 years. What impact has it had on people's lives?

Ans:

• Globalisation has spurred economic growth by increasing foreign investments and expanding trade. This has led to job creation in various sectors, including technology, manufacturing, and services, providing more employment opportunities.

• With the influx of international brands and products, consumers in India now have access to a wider range of goods and services. This has enhanced consumer choice and led to greater variety and quality in the market.

• While globalisation has created wealth and improved living standards for many, it has also contributed to widening income disparities. The benefits of economic growth have not been equally distributed, leading to a growing gap between the rich and the poor.

• The demand for skilled professionals has increased due to the presence of multinational companies and the expansion of technology sectors. This has led to improved educational and training opportunities for many individuals.

• Globalisation has facilitated cultural exchange, with greater exposure to international ideas, lifestyles, and trends. This has influenced various aspects of daily life, including fashion, entertainment, and cuisine.

• Some traditional industries have faced challenges due to increased competition from global players. This has led to shifts in the job market and has required adaptation from local businesses.

18. How has competition helped the Indian populace?

Ans:

• Increased competition among businesses has driven improvements in the quality of products and services. Companies strive to differentiate themselves by offering better quality, leading to higher standards and greater customer satisfaction.

• Competition often leads to lower prices for consumers. Businesses compete to attract customers, which can result in reduced prices and more affordable options for consumers.

• With more companies vying for market share, there is a wider range of products and services available. This variety allows consumers to choose from multiple options, catering to diverse preferences and needs.

• To stay ahead of competitors, companies invest in research and development, leading to innovation. This fosters technological advancements and the development of new products and services, benefiting consumers with cutting-edge solutions.

• Competition encourages businesses to improve their customer service to attract and retain customers. Better customer service can lead to a more positive experience and higher levels of satisfaction.

• As businesses expand and compete, they create job opportunities. This employment growth can help improve living standards and contribute to economic development.

19. Should there be an increase in Indian MNCs? What advantages would it have for the nation's citizens?

Ans:

• Indian MNCs can contribute to economic growth by expanding their operations internationally. This can lead to increased revenue, profits, and investment in the domestic economy.

• As Indian companies grow globally, they create new job opportunities both within the country and abroad. This can help reduce unemployment and provide higher-quality jobs with better salaries and benefits.

• MNCs generate significant foreign exchange through their international operations. This can strengthen the country’s currency and improve its balance of payments.

• Indian MNCs often invest in research and development to stay competitive globally. This can lead to technology transfer and innovation, benefiting the domestic economy through improved products and processes.

• By becoming MNCs, Indian companies gain access to new markets. This diversification helps mitigate risks associated with economic downturns in the domestic market and opens up growth opportunities.

20. How might labour rules be more flexible to benefit businesses?

Ans:

• Flexible labour laws allow companies to adjust their workforce based on business needs. This means companies can hire more workers during periods of growth and downsize more easily during downturns, helping them manage costs effectively.

• By adapting labour practices to changing market conditions, companies can become more competitive. They can respond quickly to new opportunities and challenges, improving their overall efficiency and productivity.

• Flexible regulations can reduce compliance costs related to strict labour laws. Companies can streamline administrative processes and avoid costs associated with rigid work regulations, such as those related to redundancy payments and stringent job security rules.

• With more flexibility, companies can implement innovative work practices and organisational structures. This can include adopting new technology or work methods that enhance productivity and business performance.

• A flexible labour market can attract both domestic and international investors. Investors often look for environments where businesses can operate with fewer constraints, which can lead to increased investment and economic growth.

• Flexible labour laws can lead to more adaptive working conditions, which may improve job satisfaction and work-life balance for employees. This can enhance productivity and reduce turnover rates.

21. "The internationalisation of goods and services has been greatly aided by information and communication technology." Explain the assertion.

Ans:

• Global Connectivity: ICT enables seamless communication and coordination across different regions. Through email, instant messaging, and video conferencing, businesses can interact with partners, suppliers, and customers worldwide, facilitating international trade and collaboration.

• E-commerce Platforms: Online shopping platforms and marketplaces have transformed how products are bought and sold. Companies can reach global customers through e-commerce websites, allowing them to expand their market presence beyond local boundaries.

• Supply Chain Management: Advanced ICT tools enhance supply chain efficiency by allowing real-time tracking of goods, inventory management, and logistics coordination. This streamlines the process of moving products across borders and reduces delays.

• Digital Marketing: Businesses use digital marketing strategies, including social media, search engine optimisation, and online advertising, to promote their products and services to a global audience. This broadens their reach and increases brand visibility internationally.

• Data Analytics: ICT facilitates the collection and analysis of large amounts of data, helping companies understand market trends, customer preferences, and demand patterns. This information allows businesses to tailor their offerings to different markets and make informed decisions.

• Remote Access and Cloud Computing: Cloud-based services enable businesses to store and access data and applications from anywhere in the world. This flexibility supports remote work, international collaborations, and the scalability of operations.

22. What is the rationale behind wealthy nations' desire for developing nations to liberalise trade and investment? What, in your opinion, ought the developing nations to ask for in exchange?

Ans:

• Developed countries encourage developing nations to open up their trade and investment policies because it gives them better access to new markets and investment opportunities. 

• They benefit from easier access to resources and more stable global trading conditions, which help their businesses and global supply chains.

• In return, developing countries should ask for fair trade rules and protection against unfair practices. They should seek access to technology and financial help to build their industries and improve infrastructure.

•  Ensuring fair wages and good working conditions in global supply chains is also important. 

• Developing countries should negotiate for debt relief or better loan terms to support their growth. Essentially, while opening up trade can benefit developed countries, developing nations need fair deals and support to ensure their growth and development.

23. Explain what the World Trade Organisation is.

Ans: The World Trade Organisation (WTO) is an international organisation that deals with the global rules of trade between nations. Its main purpose is to ensure that trade flows as smoothly, predictably, and freely as possible. The WTO provides a framework for negotiating trade agreements and resolving disputes between member countries. It aims to create a level playing field by promoting fair competition and reducing trade barriers such as tariffs and quotas.

24. "The impact of globalisation has not been uniform." Describe this assertion.

Ans:

• The statement “The impact of globalisation has not been uniform” means that globalisation has affected different regions, countries, and communities in varied ways.

• In developed countries, globalisation often leads to increased economic growth, access to new markets, and enhanced technological advancements. For example, businesses in these countries may benefit from global trade by expanding their markets and sourcing cheaper raw materials.

• In contrast, developing countries might experience mixed effects. While globalisation can bring investment and create jobs, it can also lead to the exploitation of local resources and labour, and widen the gap between the wealthy and the poor. Some communities might see economic improvements, while others might face job losses or environmental degradation.

• Overall, globalisation can have both positive and negative impacts depending on the local context, policies in place, and the level of integration into the global economy.

25. How does international commerce contribute to the unification of national markets? Provide an example that is not from this list to clarify.

Ans: Foreign trade leads to the integration of markets across countries by enabling the exchange of goods and services, which connects economies and fosters interdependence. For example, consider the trade between the United States and Mexico in the automotive industry.

Example: Automotive Industry Integration

• Trade Flow: Many car manufacturers in the U.S. source parts and assemble vehicles in Mexico due to lower production costs. In turn, these cars are sold back to the U.S. and other countries.

• Market Integration: This cross-border trade means that the U.S. and Mexican automotive markets are closely linked. Changes in demand or production in one country affect the other. For instance, if the U.S. experiences higher demand for cars, it can increase imports from Mexico, benefiting Mexican manufacturers.

• Economic Impact: Such integration helps stabilise economies by diversifying sources of income and creating jobs. It also encourages technological and managerial exchanges, enhancing the competitiveness of industries in both countries.

26. List the main issues that globalisation has brought about for a lot of small-scale farmers and labourers.

Ans:

1. Increased Competition: Small producers often face fierce competition from large multinational corporations and international companies. This can lead to lower prices for their products and reduced market share, making it difficult for them to sustain their businesses.

2. Job Insecurity: Workers in small-scale industries or informal sectors may experience job insecurity due to shifting production to countries with cheaper labour costs. Globalisation often drives companies to relocate production to regions with lower wages, leading to job losses and reduced income for workers in higher-cost countries.

3. Exploitation and Poor Working Conditions: In some cases, globalisation can lead to the exploitation of workers in developing countries. Companies may seek out the cheapest labour, which can result in poor working conditions, low wages, and minimal worker rights and protections.

4. Market Volatility: Small producers may suffer from market volatility caused by global economic fluctuations. Changes in global demand or economic downturns can significantly impact their earnings and financial stability.

5. Difficulty in Accessing Global Markets: Many small producers struggle to access global markets due to barriers such as high costs of entry, lack of technological infrastructure, and limited marketing reach. This can prevent them from benefiting from global trade opportunities.

27. Which organisation emphasises the importance of liberalising international investment and trade?

Ans: The World Trade Organization (WTO) is the primary organisation that stresses the liberalisation of foreign trade and foreign investment. The WTO aims to facilitate international trade by reducing tariffs, eliminating trade barriers, and promoting fair competition among countries. It encourages member countries to open their markets to foreign trade and investment, which helps in integrating global economies and fostering economic growth.

28. "Since 1991, India has significantly reduced trade and investment barriers from abroad." Explain the assertion.

Ans: Since 1991, India has significantly liberalised its foreign trade and investment policies, leading to a more open and integrated economy. This period marked a major shift in India's economic strategy, moving away from a protectionist approach to embracing globalisation. Here’s how these changes were implemented:

1. Reduction in Tariffs and Trade Barriers: India reduced import tariffs and eliminated many trade barriers, making it easier for foreign goods and services to enter the Indian market. This move aimed to increase competition and offer consumers a wider range of products at lower prices.

2. Liberalisation of Foreign Investment: The Indian government relaxed regulations on foreign direct investment (FDI), allowing foreign companies to invest in various sectors. This was done to attract international capital and technology, which helped in modernising Indian industries and creating jobs.

3. Privatisation and Deregulation: Many state-owned enterprises were privatised, and numerous industries were deregulated. This opened up new opportunities for both domestic and international investors and improved efficiency and productivity within the economy.

4. Trade Agreements and Global Integration: India entered into various trade agreements and became a member of global organisations like the World Trade Organization (WTO). These agreements facilitated smoother trade relations and integration with the global economy.

29. What is one "Special Economic Zone" characteristic?

Ans: A characteristic feature of a Special Economic Zone (SEZ) is that it offers special tax and business incentives to attract foreign and domestic investment. This often includes tax holidays, exemptions from certain tariffs and duties, and streamlined regulatory processes to encourage the establishment and operation of businesses within the zone.

Important Topics of Class 10 Globalisation and the Indian Economy Important Questions

Globalisation Class 10 Important Questions covers Important topics including the role of multinational corporations, changes in trade policies, the impact on employment and industries, and the influence of global financial flows.

Benefits of Learning with Important Questions of Globalisation Class 10

Studying the important questions about Globalisation and the Indian Economy Class 10 offers students several benefits.

• By studying important questions, students develop the ability to critically analyse the advantages and disadvantages of globalisation. This includes evaluating its impact on employment, economic growth, and social inequality.

• Understanding the effects of global trade policies and foreign investments helps students grasp the rationale behind various economic decisions and reforms. This knowledge is crucial for understanding current economic debates and policy-making processes.

• Learning about globalisation provides a broader perspective on how global events and trends affect local economies and societies. This helps students become more informed global citizens.

• Understanding the real-world implications of globalisation helps students connect classroom learning with everyday economic realities, making their education more relevant and applicable.

Conclusion

Studying the Important Questions of Globalisation Class 10 equips students with valuable insights into the interconnected nature of the global economy and its impact on India. By exploring key concepts such as multinational corporations, trade policies, and foreign investment, students gain a deeper understanding of how global economic processes shape national and local economic conditions. This knowledge enhances their ability to critically analyse economic issues, make informed decisions, and engage in meaningful discussions about economic development.

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