Chapter Two: Economic Systems and Globalization

"What is common to many is taken least care of, for all men have greater regard for what is their own than for what they possess in common with others." - Aristotle

What does Aristotle mean by this quote and do you think he is right?

Pick one of the following countries. Research online which economic system your country uses (free enterprise, socialism, mixed economy)

Countries: Canada, Sweden, Finland, Cuba, Vietnam, Australia or India.

What do you think when you see the term "globalization"

Globalization - A phenomenon by which economic agents in any given part of the world are affected by events elsewhere in the world; the growing integration of the national economies of the world to the degree that they could merge and operate as a single worldwide economy.

Describe how free enterprise and socialist economies might react differently to globalization.

What types of businesses are well positioned to benefit from globalization? Consider businesses that offer goods or services that appeal to people in a variety of countries.

watch the following video: https://www.youtube.com/watch?v=vOQP-IQV21wWhat do you think about the future of globalization and trade? Do you agree or disagree with the experts in the video?

Create an example of how globalization helps one citizen in a country, but can harm another citizen in that same country.