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In business, the term is used in an economic context to describe integrated economies marked by free trade, the free flow of capital among countries and easy access to foreign resources, including labor markets, to maximize returns and benefit for the common good. Globalization is the most important trend of global development. Automation speeds up processes and supply chains, giving workforces more flexibility and improving output. Political policies also affect cultural globalization, enabling people to communicate and move around the globe more freely. A. GLOBALIZATION 1. What do you think is the effect of a high As consumers realize they have a variety of options from all corners of the globe, they will choose to purchase the best and cheapest options, requiring companies to enhance quality and provide affordable prices if they wish to remain competitive. Furthermore, we wouldnt see as much cultural diversification as we do today without international trade. To further help guide your global expansion journey, read our eBook on 10 International Expansion Mistakes to Avoid, available for download here: Bolsteredby 2020s demand for new technology to facilitate our work and connect us, tech has proven to be a resilient industry around the world. Businesses find cheaper raw materials and parts, less expensive or more skilled labor and more efficient ways to develop products. Our writers can help you with any type of essay. Retrieved from https://papersowl.com/examples/meanings-and-perspectives-of-globalization/. The average cost of goods is a key aspect that contributes to increases in the standard of living. Roads, electrical grids, broadband internet, water, and sanitation may need to be upgraded or developed from scratch. Some scholars claim that governments are becoming less influential in the face of an increasingly economic world. Consumers also have access to a wider variety of goods. Introduction. Critics also suggest that employment opportunities for children in poor countries may increase negative impacts of child labor and lure children of poor families away from school. Give us your paper requirements, choose a writer and well deliver the highest-quality essay! Trusted by over 1 million students worldwide. With more customers and enhanced brand reach and value, the sales and profits are sure to rake high and above as compared to being confined to the ones native country.