globalisation by connecting countries results in Greater competition among producers justify the statementhyshyd
Answers
Answer:
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:
Explanation:
Globalisation and greater competition have been advantageous to consumers:
1. The well-off sections of the society have access to highest international brands. For example, a person in India can buy the products of Nike, Louis Vitton etc.
2. There is a greater choice for the consumers in the market. For example, a person has local, national and international companies to choose from like in food products.
3. The competition encourages the producers to improve the quality to attract consumers. For example, Colgate explaining the nutrients present in the toothpaste to attract consumers.
4. The competition also lowers the prices of the products because consumers buy cheaper goods and companies would try to attract people by lowering prices.
5. Globalisation has improved the standards of living in a society. For example, a person using regular clothes can get specialized like sports gear easily because of companies like Reebok.
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