What has been the trend for globalization across the world?

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Microeconomics

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Understanding economic systems and globalization

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Paramjeet ChawlaLv8

28 Oct 2020

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“Globalization has created an interrelated world economy that is beneficial for all countries across the world”. Explain the effects of globalization on the world economy and trade practices.

Which of the following is true about globalization?

(i) Globalization refers to the accelerated interdependence of economic and business activities across national boundaries.

ii) Globalization influences the availability and pricing of products and services around the world.

(iii) Globalization affects your career opportunities and the skill you will need to be successful.

(iv) Globalization creates opportunities and poses challenges to individuals businesses and countries.

A) (i)

B) (i) (ii)

C) (i), (ii), (iii)

D) (i), (iii) (iii), (iv)

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Explain how changes in technology contributed to the globalization of markets and production? Would the globalization of production and markets have been possible without these technological changes? How do the Internet and the associated World Wide Web affect international business activity and the globalization of the world economy?

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