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