Copyright Goodheart-Willcox Co., Inc. Section 1.3 Financial Influencers 27 Globalization and Your Finances Globalization, with all its pros and cons, is today’s reality. Globalization is the worldwide spread and integration of production, markets, communications, and technology. Your financial and consumer interests are linked to global trade and international economics. On the positive side, globalization gives you access to a vast diversity of goods and services through worldwide markets. News, entertainment, and information travel in seconds to every corner of the globe. Money is equally mobile. Business competition on a global scale can bring price and quality advantages for consumers. The local and outside world links economic and cultural changes. Take a walk through your own home to see how many products, foods, music downloads, and furnishings came from other nations. As products, services, and ideas flow from country to country, you will have opportunities to share common experiences and to understand people from backgrounds and cultures different from your own. Living in a global economy can bring job opportunities if you prepare to meet the demand in current job markets. It can be devastating for those whose job skills are no longer in demand or whose jobs have moved to other countries. As a young person entering the workforce, you will be competing with workers around the globe. You can benefit by getting the best training and education possible to meet the needs of current and future job markets. Check Your Understanding 1. List four factors that impact an individual’s financial future. 2. What economic conditions make managing personal finances important and challenging? 3. How does media impact financial decisions made by individuals, families, businesses, and the government? 4. Provide an example of an entitlement program. 5. How does globalization affect job opportunities as a person enters the workforce? Build Your Vocabulary As you progress through this course, develop a personal glossary. This will help you build your vocabulary and prepare you for a career. Write a definition for each of the following terms and add it to your glossary. economic condition recession inflation interest demographics culture technology media entitlement globalization Review Section 1.3