Economic “ globalization ” isa historical process, the result of human innovation and technological progress. It refers to the increasing integration of economies around the world, particularly through trade and financial flows. The term sometimes also refers to the movement of people ( labor ) and knowledge ( technology) across international borders. There are also broader cultural, political and environmental dimensions of globalization that are not covered here. At its most basic, there is nothing mysterious about globalization. The term e mon usage since the 1980s, reflecting technological advances that have made it easier and quicker plete international transactions — both trade and financial flows. It refers to an extension beyond national borders of the same market forces that have operated for centuries at all levels of human economic activity — village markets, urban industries, or financial centers. U nit2 argument against ply with clear-cut be characterized by gain from self-sufficient constitute as well as available here is often no() distinction between a government ‘ s foreign and domestic policies. 2. Since economic activity () mutual interdependence, there are few, if any, economic polices of government that have only domestic effects. 3. The justification of free trade is that it enables a nation to() international specialization. 4. Every nation inhabits a global political and social environment ()a global economic environment. 5. Every nation-state has an economy, and the mutual relations among the national economies () the international economic system. 6. The contribution of international trade is so immense that few countries could e () even with the greatest effort . 7. The domestic consumers benefit from international trade because it lowers the prices of goods and makes () goods that cannot be produced at home. 8. There are several () free trade: national security, protection of domestic industries, economic stability, and soon. 9.
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