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THE WORLD IS FLAT

THE WORLD IS FLAT. VOCABULARY WORDS FROM Thomas Friedman’s Book. FREE TRADE. the unhindered flow of goods and services between countries. GLOBALIZATION. refers to the increasing integration of economies around the world, particularly through trade and financial flows.

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THE WORLD IS FLAT

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  1. THE WORLD IS FLAT VOCABULARY WORDS FROM Thomas Friedman’s Book

  2. FREE TRADE • the unhindered flow of goods and services between countries

  3. GLOBALIZATION • 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 implications of globalization.

  4. HOME SOURCING • the hiring of people who work from their home instead of in an office or other business place. • It is an alternative to outsourcing, which involves engaging another company that provides workers to perform a task or project • Worker preference – homesourced workers often need to work from home or strongly prefer to work from home. They appreciate this opportunity, and therefore are loyal

  5. OUTSOURCING delegation of non-core operations or jobs from internal production within a business to an external entity (such as a subcontractor) that specializes in that operation. a business decision that is often made to lower costs or focus on competencies

  6. FLATBURGER • If you go through the drive-in at the McDonalds in Cape Girardeau, Missouri, your order will be taken by a call center operator in Colorado Springs shared by other McDonalds. • Why Flatburger – it increases productivity, lowers costs and reduces wait time.

  7. SUPPLY CHAINS • a coordinated system of entities, activities, information and resources involved in moving a product or service from supplier to customer. • consist of manufacturers, service providers, distributors, and retail outlets • Supply chain activities transform raw materials and components into a finished product

  8. THE UNTOUCHABLES • a person whose job cannot be outsourced • Untouchables come in four broad categories: workers who are "special", workers who are "specialized" (in 2006, these two categories are lumped together), workers who are "anchored," and workers who are "really adaptable."

  9. THE “NEW” STEROID • Wireless, Connected, Hyperspeed

  10. ASSIGNMENT • Please find an article from a newspaper or a magazine which represents one of these vocabulary words. • Copy and underline words within text that refer to your chosen vocabulary word. • Hand in next class

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