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Homework answers / question archive / Economics UFP Course Work 2: To what extent have the benefits of globalisation outweighed the costs? Will more or less globalisation be a good idea for a country’s future? Make reference to a country of your choice

Economics UFP Course Work 2: To what extent have the benefits of globalisation outweighed the costs? Will more or less globalisation be a good idea for a country’s future? Make reference to a country of your choice

Economics

Economics UFP Course Work 2:
To what extent have the benefits of globalisation outweighed the costs? Will more or less globalisation be a good idea for a country’s future? Make reference to a country of your choice. (20 marks)

 

Please note: Students should be rewarded for their depth of understanding rather than the quantity of points they make. Students should consider both the positive and negative effects of globalisation. Accept one side for analysis/application and the other side for evaluation.

 

Answers might include:

  1. Definitions of globalisation, for example… ; background of globalisation in the country of choice.

Globalisation
Economic globalisation can be defined as an increasing flow of goods and services, capital and labour between growing numbers of countries. It is the ever increasing integration of the world’s local, regional, and national economies into a single international market.
 

Students may bring in Trade Blocs as examples but should not be penalised if they don’t. 
 

  1. Advantages and Disadvantages of globalisation

When discussing the advantages and disadvantages of globalisation, students should use the data on their chosen country they have found in their research; and apply this appropriately.

 

Advantages of globalisation, for example…

  • Increased economic growth
  • An increase in FDI- this brings infrastructure, capital investment and jobs to countries. Economies may develop faster as a result.
  • Improved efficiency in production (e.g. economies of scale) and this may allow more rapid economic growth
  • Increasing living standards resulting from increased specialisation and trade
  • Greater consumer choice
  • Lower prices, through specialisation according to comparative advantage
  • Larger markets to sell in due to increased trade
     

Disadvantages of globalisation, for example…

  • Increased interdependence of economies
  • Increase in the number of ‘footloose’ companies which can cause unemployment as they move from country to country
  • Increased unemployment as some industries are removed / taken off-shore
  • Workers may be exploited by large global (transnational) companies
  • Increasing environmental destruction and other negative externalities
  • Increased inequalities between the rich and poor


Note: this is not an exhaustive list. Accept other advantages and disadvantages as appropriate.

 

  1. Conclusion

Based on the students’ discussion of the above, they should make recommendations as to whether more or less globalisation is a good idea for this country. Greater marks should be given to students who can come to logical, supported conclusions.  

MARKING CRITERIA

Criterion 1: Knowledge (this criterion assesses the extent to which the student uses appropriate economic terminologies and concepts):                                                              2 marks

LEVEL/MARK

DESCRIPTION

0

Relevant economic terms are not defined

1

There is some knowledge of relevant economic terms demonstrated

2

Accurate usage and understanding of relevant economic terms (terms does not have to be explicitly defined but accurate understanding of them have to be shown)

 

Criterion 2: Application (this criterion assesses the extent to which the student uses/applies diagrams, data and/or examples in the context of the issues being discussed):                             2 marks

LEVEL/MARK

DESCRIPTION

0

There is no application of data obtained, diagrams and/or examples

1

There is some attempt to apply data obtained, diagrams and/or examples

2

Data obtained, diagrams and/or examples are used and applied effectively where appropriate

 

Criterion 3: Analysis (this criterion assesses the extent to which the student can explain, develop or demonstrate a high level of depth and insight within the context of the research question):

                                                                                                                                                      8 marks

LEVEL/MARK

DESCRIPTION

0

There is no analysis

1 - 3

Answers considering at least 2 factors with some attempt to analyse. Analysis is weak and may have significant errors

4 - 6

Answers considering at least 3 factors with a good level of analysis demonstrated

               7 - 8

Answers considering at least 3 factors with detailed explanation and no significant errors

 

 

 

 

 

Criterion 4: Evaluation (this criterion assesses the extent to which the student synthesises his/her analysis in order to make judgements that are supported by reasoned arguments):

                                                                                                                                                 6 marks

LEVEL/MARK

DESCRIPTION

0

There is no attempt at evaluation

1 - 3

There is a basic attempt at evaluation. Answers considering at least one evaluative point. Judgements and conclusions might be made but are poorly supported.

4 - 6

Evaluation recognises different viewpoints and is critical of the evidence provided and/or the assumptions underlying the analysis enabling informed judgements to be made.

Recommendations as to whether more or less globalisation is a good idea for this country provided.

Conclusion and recommendation is based on logical and supported conclusions.

Relevant reasoning and appropriate reference to the context provided.

 

Criterion 5: Rubric requirements (Referencing, word count) 2 marks

  1. The written work does not exceed the prescribed word limit (1500 words)
     Allow a margin of + or – 10% for word count.
  2. There is appropriate use of references
  3. Similarity index does not exceed 10%

LEVEL/MARK

DESCRIPTION

0

None of the above requirements are met

1

At least one requirement is met

2

All the three requirements are met

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