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Port folio in the contemporary world
- 1. Port Folio in The Contemporary World Lagasca, Bernadette Lorraine & Gutierrez, Princess Angel
- 3. ❏ Globalization is the word used to describe the growing interdependence of the world's economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information. ❏ Globalization is the process of interaction and integration among people, companies, and governments worldwide. ❏ Globalization means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies or cultural practices) all over the planet.
- 4. HISTORY OF GLOBALIZATION ❏ Since ancient times, humans have sought distant places to settle, produce, and exchange goods enabled by improvements in technology and transportation. But not until the 19th century did global integration take off. ❏ Following centuries of European colonization and trade activity, that first “wave” of globalization was propelled by steamships, railroads, the telegraph, and other breakthroughs, and also by increasing economic cooperation among countries. ❏ The globalization trend eventually waned and crashed in the catastrophe of World War I, followed by postwar protectionism, the Great Depression, and World War II. ❏ After World War II in the mid-1940s, the United States led efforts to revive international trade and investment under negotiated ground rules, starting a second wave of globalization, which remains ongoing, though buffeted by periodic downturns and mounting political scrutiny.
- 6. Globalization created jobs ADVANTAGES OF GLOBALIZATION Globalization has lowered the price of goods Globalization promotes peace Globalization has improved access to technology
- 7. Globalization has fuelled inequality Globalization leads to reduced public revenues Globalization destroys the environment Globalization creates a race to the bottom DISADVANTAGES OF GLOBALIZATION
- 8. TYPES OF GLOBALIZATION Economic Globalization is the development of trade systems within transnational actors such as corporations or NGOs. Financial Globalization can be linked with the rise of a global financial system with international financial exchanges and monetary exchanges. Cultural Globalization refers to the interpenetration of cultures which, as a consequence, means nations adopt principles, beliefs, and costumes of other nations, losing their unique culture to a unique, globalized supra-culture. Political Globalization the development and growing influence of international organizations such as the UN or WHO means governmental action takes place at an international level.
- 9. TYPES OF GLOBALIZATION Sociological Globalization information moves almost in real-time, together with the interconnection and interdependence of events and their consequences. People move all the time too, mixing and integrating different societies. Geographic Globalization is the new organization and hierarchy of different regions of the world that is constantly changing. Moreover, with transportation and flying made so easy and affordable, apart from a few countries with demanding visas, it is possible to travel the world without barely any restrictions. Ecological Globalization accounts for the idea of considering planet Earth as a single global entity a common good all societies should protect since the weather affects everyone and we are all protected by the same atmosphere. Technological Globalization the phenomenon by which millions of people are interconnected thanks to the power of the digital world via platforms such as Facebook, Instagram, Skype or Youtube.
- 10. Access to New Cultures BENEFITS OF GLOBALIZATION The Spread of Technology and Innovation Lower Costs for Products Access to New Markets Higher Standards of Living Across the Globe Access to New Talent
- 11. CHALLENGES IN GLOBALIZATION Loss of Cultural Identity Foreign Worker Exploitation Payroll and Compliance Challenges Global Expansion Difficulties International Recruiting Managing Employee Immigration Incurring Tariffs and Export Fees Immigration Challenges and Local Job Loss
- 12. GLOBALIZATION AND RELIGION GLOBALIZATION Globalization is the networking and expansion of once local products, beliefs, and practices into universal products, beliefs, and practices often through technology. RELIGION Religion is a collection of cultural systems, and world views that establishes symbols that relate humanity to spirituality and to moral values.
- 13. RELATIONSHIP BETWEEN GLOBALIZATION AND RELIGION Globalization helps to increase greater religious tolerance and acceptance of other culture and religion that enhances our mind, knowledge etc. Globalization lands religion in a quagmire of conflicts which reinforce social identities as some do not accept the new realities and turn to religion to rediscover their own identity. With globalization, religion becomes a culture of pluralism that teach us to respect of other religions. Religion provides a sense of belongingness to a group in the world.
- 14. POSITIVE AND NEGATIVE EFFECTS Globalization brings a culture of pluralism POSITIVE Globalization engenders greater religious tolerance in such areas as politics, economics, and society. Religions maintain the golden rule like “what you do not wish done to yourself, do not do to others. Worshipping ways and practices contradict and are mostly incompatible with each other. Such religions tend, as a result, to be more inclined towards clashes and competition. Globalization can also lead to portraying negative images of religions due to television. NEGATIVE
- 15. ● Economic globalization is one of the three main dimensions of globalization commonly found in countries, academic literature, with the two others being political globalization and cultural globalization, as well as the general term of globalization. ● Economic globalization refers to the widespread international movement of goods, capital, services, technology and information. It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital. ● Economic globalization primarily comprises the globalization of production, finance, markets, technology, organizational regimes, institutions, corporations, and labour. ECONOMIC GLOBALIZATION
- 16. GEOGRAPHIC MOBILITY - Geographic mobility is the measure of how populations and goods move over time. Geographic mobility has a large impact on many sociological factors in a community and is a current topic of academic research. It varies between different regions depending on both formal policies and established social norms, and has different effects and responses in different societies. Non-movers are all people who were living in the same house at the end of the migration period and the beginning of the migration period. Movers are all people who were living in a different house at the end of the period rather than at the beginning. Mobility estimates in the Current Population Survey (CPS), produced by the United States Census Bureau, define mobility status on the basis of a comparison between the place of residence of each individual to the time of the March survey and the place of residence one year earlier. Commonly used in demography and human geography, it may also be used to describe the movement of animals between populations. Population mobility has implications ranging from administrative changes in government and effects on local economic growth and demand for regional services.
- 17. Social Forces Social forces can also foster individual geographic mobility. Support from the community can increase the probability of relocation—it has been shown that the chances of migration in India improve when groups of houses from the same subcaste all decide to move together. Economic reasons Most theoretical models attribute the desire to relocate to the impact of wages and salary and employment on personal expected earnings. The prospect of gainful employment in another region leads to movement to capitalize on new opportunities Personal Preferences Personal preference factors besides economic logic can exert a strong influence on an individual's geographic mobility. Concerns such as climate, the strength of regional housing markets, cultural comfort, family, and local social capital all play into the decision to move or not. Labor Supply Geographical mobility of labor allows the labor supply to respond to regional disparities, limiting economic inefficiencies. Low labor mobility quickly leads to inequality between static economic regions and a misappropriation of labor resources. INFLUENCING FACTORS
- 18. Participation Female labor participation is vital to improving regional disparities in a competitive world and will increase in value over time. Women's participation and creative energy is vital for the success of economies on a global scale. Female labor participation can act as a substitute for more generalized labor mobility too. Empowerment With heightened self-awareness, educated women hope to grasp opportunities from moving, leading to increased female individualization and empowerment. Given access to travel, international education provides one of few avenues for women in China to live non-traditional personally emancipated lives. Resource Allocation Labor mobility theoretically leads to a more balanced and economically efficient distribution of jobs and resources overall. Individual employees can better match their skills to potential jobs on the open job market. INFLUENCING FACTORS
- 19. Economics is the study of how humans make decisions in the face of scarcity. These can be individual decisions, family decisions, business decisions or societal decisions. If you look around carefully, you will see that scarcity is a fact of life. Scarcity means that human wants for goods, services and resources exceed what is available. Resources, such as labor, tools, land, and raw materials are necessary to produce the goods and services we want but they exist in limited supply. Capitalism, socialism, and communism are types of economic systems. ECONOMICS Two major types of economics are microeconomics, which focuses on the behavior of individual consumers and producers, and macroeconomics, which examine overall economies on a regional, national, or international scale.
- 20. TWO BRANCHES OF ECONOMICS MICROECONOMICS - The study of how individual consumers and producers make their decision. ● It ranges from how individuals trade with one another. ● How prices are affected by the supply and demand of good. ● It also studies the efficiency & cost associated with producing goods and services. MACROECONOMICS - studies an overall economy on both a national and international level. ● It includes government fiscal and monetary policy. ● Unemployment rates. ● Growth as reflected by changes in the Gross Domestic Product. ● Business cycles that result in expansion, booms, recession, and depression.
- 21. TWO BRANCHES OF ECONOMICS MICROECONOMICS ● It focuses on needs, wants and likes of the individual consumer: It also covers the: - Demand - Market - Supply MACROECONOMICS ● It also studies four Main to be focused: - Price Level - Growth - Balance in the Foreign Sector and; - Labor Markets
- 22. Tools of Economics ● Economic tools refer to qualitative instruments available to economists. The law of supply and demand is the primary example of an economic tool. Supply refers to goods that are available in a market, whereas demand defines the amount of products or services consumers want to buy. The price of a product drops if the supply rises and the demand is stagnant. Conversely, the price of the product goes up if demand rises while the supply remains the same. ● Mathematics comes hand in hand with economics. Math helps economists solve concrete problems involving numbers, such as how to calculate the profit margin of a firm, what price a company should set to maximize profits, or how to calculate the amount of CO2 emissions in the atmosphere. Mathematical tools used in economics include matrix algebra, linear equations, econometric models, optimization and differential equations. ● Statistics is similar to mathematics, but here the emphasis is made on processing vast arrays of data. Statistics, for example, help economists calculate a nation's GDP or allows them to better configure a manufacturing process to reduce costs. Statistical tools include regression and correlation analysis and calculation of probabilities.
- 23. What is Demand? ➔ Demand is an economic principle referring to a consumer's desire to purchase goods and services and willingness to pay a price for a specific good or service. ➔ Demand refers to consumers' desire to purchase goods and services at given prices. ➔ Demand can mean either market demand for a specific good or aggregate demand for the total of all goods in an economy. ➔ Demand, along with supply, determines the actual prices of goods and the volume of goods that changes hands in a market.
- 24. DEMAND Law of DEMAND ★ It works with the law of supply to explain how market economies allocate resources and determine the prices of goods and services that we observe in everyday transactions. ★ The law of demand states that quantity purchased varies inversely with price. In other words, the higher the price, the lower the quantity demanded. This occurs because of diminishing marginal utility. ★ That is, consumers use the first units of an economic good they purchase to serve their most urgent needs first, and use each additional unit of the good to serve successively lower valued ends. The Determinants of the Demand ● The price of the good or service. ● The income of buyers. ● The prices of related goods or services—either complementary and purchased along with a particular item, or substitutes and bought instead of a product. ● The tastes or preferences of consumers will drive demand. ● Consumer expectations. Most often, this refers to whether a consumer believes prices for the product will rise or fall in the future.
- 25. DEMAND Demand Schedule ● A table which contains values for the price of a good and the quantity that would be demanded at that price. Demand Curve ● Demand curve is a graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period of time. Demand Function ● Demand Function is the relationship between the quantity demanded and the price of the commodity. Mathematically, a function is a symbolic representation of the relationship between dependent and independent variables. ● The demand function has the form y = mx + b, where "y" is the price, "m" is the slope and "x" is the quantity sold.
- 26. What is Supply? ● Supply can refer to anything in demand that is sold in a competitive marketplace, supply is most used to refer to goods, services, or labor. ● Supply can relate to the amount available at a specific price or the amount available across a range of prices if displayed on a graph. This relates closely to the demand for a good or service at a specific price; all else being equal, the supply provided by producers will rise if the price rises because all firms look to maximize profits. ● A supply curve always describes the relationship between the price of the good and the quantity supplied. A wealth of information can be gleaned from a supply curve, such as movements (caused by a change in price), shifts (caused by a change that is not related to the price of the good) and price elasticity.
- 27. SUPPLY Law of SUPPLY ★ The law of supply states that a higher price leads to a higher quantity supplied and that a lower price leads to a lower quantity supplied. ★ Supply curves and supply schedules are tools used to summarize the relationship between supply and price. ★ An increase in price almost always leads to an increase in the quantity supplied of that good or service, while a decrease in price will decrease the quantity supplied. ★ CETERIS PARIBUS- all other things being equal or unchanged The Determinants of the Supply ● Price of commodity: Positively related ● Cost of Production: Supply curve is reduced if Cost of production increases ● State of Technology: Improved technology reduces COT of production per unit, enhances productivity and increases Supply curve ● Number of Firms: If entry is unrestricted, more Supply curve ● Government Policies: Taxes & Subsidiaries
- 28. SUPPLY Supply Schedule ● A table which contains values for the price of a good and the quantity that would be supplied at that price. Supply Curve ● A supply curve is a representation of the relationship between the price of a good or service and the quantity supplied for a given period of time. Supply Function ● A supply function is a mathematical expression of the relationship between quantity demanded of a product or service, its price and other associated factors such as input costs, prices of related goods. ● supply function in the form of the following equation: Sx = f (Px, PI, T, W, GP) Where, Sx = supply of commodity x. Px = Price of commodity x.
- 29. ELASTICITY ● Elasticity is an economic measure of how sensitive an economic factor is to another, for example changes in price to supply or demand, or changes in demand to changes in income. Factors Affecting Elasticity ● Relative need for the product ● Availability of substitute goods ● Impact of Income ● Time under consideration ● Perishability of the product E(p) = dP/P dQ/Q
- 30. CLASSIFICATIONS OF ELASTICITY Elastic - if the quantity demand of the product changes drastically when its price increases or decreases. Inelastic - when the price goes up, consumer’s buying habits stay the about the same, and when the price goes down consumer’s buying habits remain unchanged. Unitary - the proportion of change in demand for goods and services is equal to proportion of change in its price. Perfectly Elastic - means when the percentage of change in quantity demanded is infinite even if the percentage of change in price is zero. Perfectly Inelastic - means when the quantity demanded for a good does not change in response to a change in price.