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In this video, Roger Philipp, CPA, CGMA, teaches BEC -2011-Economic Globalization. Roger CPA Review is the fastest growing review course in the industry. An 88% pass rate, the leading instructor, top-notch materials and flexible study options combine to make this one a sure bet for CPA success. Connect with us: Website: https://www.rogercpareview.com Blog: https://www.rogercpareview.com/blog Facebook: https://www.facebook.com/RogerCPAReview Twitter: https://twitter.com/rogercpareview LinkedIn: https://www.linkedin.com/company/roger-cpa-review Are you accounting faculty looking for FREE CPA Exam resources in the classroom? Visit our Professor Resource Center: https://www.rogercpareview.com/professor-resource-center/ Video Transcript Sneak Peek: The next area in economics deals with economic globalization. What does that mean? That means the globe is getting smaller, right? The world is getting smaller. So in dealing with this, what we're looking at is more cross-border movement between country and country and country, and in doing so they're reducing some of those trade restrictions. Remember we talked about a tariff, a quota, an embargo. We're trying to get rid of a lot of these things so that way we can work more closely with other countries, and then the whole world benefits. It says here economic globalization refers to the increasing economic interdependence of national economies across the world to a rapid increase in cross-border movement of goods, service, technology and capital. It’s led to a single world market which has developed economies with integrated, they’ve integrated with less countries, wait, they’ve integrated with less developed countries by means of foreign direct investment, a reduction of trade barriers, like we said tariffs, quotas, embargoes and the modernization of developing countries. Now, the comparative advantage of natural resources and low-cost labor attract business to go overseas because overseas they have all these natural resources, maybe their forests still exist where ours may not, and labor is a lot less expensive.