Globalizationis the economic concept of a business’s spreading their goods and services on aworld-wide scale in efforts to have countries become more intergraded.
This maybe completed through new technology, communication and transportation. An example of Globalization is the U.Soutsourcing its business in a different country. There are various different benefitsbut two that seem interesting to me are rise in competition and foreign trade. An effect of globalization is havingan increase in competition among different businesses.
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This drive to compete pushescountries to lower their prices in order to increase customer satisfaction.There also is a drive to be more creative and innovative in order to improvegoods and services. The other positive aspect of globalization is foreigntrade. There are some goods that are only found in certain countries (mostly developedcountries) thus, globalization allows them to be able to export or import goodsfrom all over the world. As a result, this increases countries to develop comparativeadvantages.