How can we respond to the economic impacts of globalisation?

G2 Social Studies - syllabus K230 (Social Studies component), 2027

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See how global connections affect production and jobs, why people can experience different outcomes, and how government support and new skills can help.

• Economic growth

  Access to overseas customers, investment and knowledge can increase a country's production of goods and services.

• Economic vulnerability

  Reliance on overseas demand, supplies or finance can expose an economy to disruptions originating elsewhere.

• Employment opportunities

  Overseas demand and investment can create work locally and widen access to jobs or clients abroad.

• Employment challenges

  Changes in overseas demand, competition or the location of operations can threaten jobs and make existing skills harder to use.

• Government support for opportunities

  Governments can help businesses and workers reach markets, improve capabilities and attract productive investment.

• Government help during economic change

  Temporary help can cushion immediate losses, while training and employment support can help people and businesses adapt.

• Acquiring knowledge and skills

  Learning and applying relevant skills can help people adapt to changing work, but it does not guarantee employment.

These sources were written for this chapter's practice questions.