Give an example of globalization of economy based on your experience. Dit it affect your way of life? How?
Answers
Explanation:
Economic globalization is one of the three main dimensions of globalization commonly found in countries, academic literature, with the two others being political globalization and cultural globalization, as well as the general term of globalization.Economic globalization refers to the widespread international movement of goods, capital, services, technology and information. It is the increasing economic integration and interdependence of national, regional, and local economies across the world through an intensification of cross-border movement of goods, services, technologies and capital.Economic globalization primarily comprises the globalization of production, finance, markets, technology, organizational regimes, institutions, corporations, and labour.
Examples include: The United Nations, The World Bank and on a regional level The North Atlantic Treaty Organization among others.
In general, globalization decreases the cost of manufacturing. This means that companies can offer goods at a lower price to consumers. The average cost of goods is a key aspect that contributes to increases in the standard of living. Consumers also have access to a wider variety of goods.