1. Explain the implication of modern world system amid global economic competition.

In the case
of developing economy, what are possibilities that the system can emplace foreign economic
relation to assure upliftment of economic stability and unity.

The implication of Modern World System amid Global Economic competition is that, it
implies that it can be the main cause of the said global economic competition. Since modern world
system is a system that emphasizes how the modern world are subdivided. Immanuel Wallerstein,
an American Sociologist divided the nation and areas of the world into three, which are; Core,
Semi-Peripheral, and Peripheral. Core being the high income, semi-peripheral as the middle
income, and peripheral as the low income. Because of these divisions of economic standing,
countries from the peripheral are trying really hard to uplift their economic status to be part of the
core. This is where enters the global economic competition. Nation to nation are competing and
trying to do their best to be at the top. To be part of the core and be the most industrialized nation.
In the case of developing countries from the semi-peripheral and peripheral, the only weapon they
can emplace is determination and hard work. They can always be at the top anytime they want if
they aim to be part of the core and do their best.

2. Elaborate the concept of Bretton woods system in modern global economics. Cite some specific
opportunities that domestic economy can enjoy over the application of the system. Which of the
Bretton woods system approach that best fits the economy of the Philippines.

The concept of Bretton Woods System in modern global economics is that, it allows the
economies around the world to trade goods using the US dollar to settle payments instead of the
standard gold. Some specific opportunities that domestic economy can enjoy over the application
of the said system is that, if ever that a nation doesn't have enough supply of gold, they can just
use the US dollar as a system of payment in trading. The system was mainly built and established
for a purpose where it allows the US dollar to be an alternative of gold as a sytem of payment. If
ever that a nation is in short of gold, it can be converted into US dollar to settle the payments.

3. What is Global corporation? Explain the need of rise in existence of Global corporarion
throughout the world. Why there are transactional and multi-national corporations that need to be
put up in every economy.

Global corporation is one that has significant investments and facilities in multiple countries
and lacks a dominant headquarters. It can be found in different countries mainly operated by the
powerful economies. Global corporation is governed by the laws of the country where they are
incorporated. The reason why there is a need of rise and establishment of Global corporation
around or throughout the world is for an economy and the nation can have a better allocation of
resources, lower prices for products, more employment worldwide, and of course higher products
output. It also leverages the global environment to approach varying markets in attaining revenue
markets. Those are some reasons or advantages that we can attain by having Global corporation.
As for the reason why trans-national and multi-national corporations that need to be put up in
every economy, the main reason
4. Explain the role of global stratification in the determination of economic status of each
economy in the world. In the case of Philippines, is it good that despite the economic effort of our
business manager, what advantage can we expect from knowing our level as 3rd world economy.

Accordingly, Global Stratification refers to the unequal distribution of wealth, power and
prestige. Thus, the role of global stratification in the determination of economic status of each
economy in the world is to measure the economic standing of each economy. The more that a
nation has a high national income and higher value of currency, the more that a nation has a higher
economic standing. To put it simply, global stratification is a measurement of a nation's economic
standing. As for our nation's economic standing which is the Philippines, as a member of the 3rd
world economy, we can expect more to uplift our economic status until we reach our national goal
and that is to be part of the world's best economy and that is to be one of the 1st world economy.
As a nation that stands below a high tower, we can still improve our economy by doing things that
may help us to get to the top. We can elevate and alleviate our economic status by performing
better economically. The advantage of starting to the bottom is that you can always work harder to
reach the top. Just like what they say, if you are at the bottom, there is no other way to go but up.
We just have to keep in mind the "Good. Better. Best. Never let it rest. Till your good is better, and
your better is BEST."

5. Explain the concept of dependency theory. In what situation that peripheral country like
Philippines would gain over in the climate or in the light of having enjoy in depending to the core
nation.

The concept of Dependency Theory is that the core country (high income country) is getting
support from the peripheral country (low income country). It is a theory which speaks that even
countries with high income still need support from low income countries. They are both dependent
from one another. Core countries or high income countries are able to distribute their products
with the help of the peripheral countries. In return, peripheral countries like the Philippines will
gain and enjoy the advantages of depending to the core nation because they can help us improve
and alleviate our economic standing. Since we are helping them to distribute their products by
supplying them raw materials and letting them import their products in our country, we can earn
money by the payment of tariffs and exported raw materials. Depending to the core countries give
us a lot of benefits. Aside from money, we can also expect trust, better economic relationship, and
of course peace.