Section 1.3 Financial Infl uencers 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 world 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 bring 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
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backgrounds and cultures different from your own.
Living in a world 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 you can to meet the needs of current and future job markets.
Checkpoint 1.3
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financial life of individuals.
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financial decisions and lifestyles.
4. What are some economic conditions that are affected by fiscal and
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Build Your Vocabulary
As you progress through this course, develop a personal glossary of
personal finance terms and add it to your portfolio. 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 personal finance glossary.
economic conditions
recession
inflation
demographics
culture
technology
globalization