Question

“Globalisation and greater competition among producers has been of advantage to consumers.” Justify the statement with examples

Answer 1

Globalisation and greater competition among producers has been advantageous to consumers
(a) Globalization and greater competition among producers both local and foreign has been of advantageous to consumers, particularly the welloff sections of urban areas.
(b) There is greater choice before these consumers who now enjoy improved quality and lower prices for several products.
(c) People enjoy higher standards of living.
(d) But the impact of globalisation has not been uniform among producers and workers.
(e) Services of the top Indian companies have been able to benefit from the increased competition.
(f) They have invested in newer technology and production methods and raised their production standards.
(g) Wide ranging choice of goods in our markets is a recent phenomenon and have brought changes in lives of people. 

Answer 2

Off course, Globalisation and greater competition among producers has been of advantage to consumers. The following examples justify the same :

1.  It created greater choices for the consumers. The choice of consumers increased with foreign as well as local products.

2.  Prices of various products decreased due to globalization because countries produce particular products at cheap rates due to technology and raw material available of the same product.

3.  The increased competition among producers improved the quality of products for consumers.