Question

How does Globalization affect production globally?

Answer 1

Globalization is one the latest reality and it has a global impact on production of food, material or process. Earlier, developing or underdeveloped countries were mainly focused on the manual labor/minimal machines for all sorts of tasks. The time of production, execution was quite high and with globalization; the race for timely production and execution of projects started. With the introduction of quality machines and minimum labor, the cost of production came down and margin of profit goes higher for a manufacturer. As the cost of land, labor and resources was less in developing countries; multinational companies started their production units in different parts of world.

Globalization has brought down the prices of products in the hand of consumer. It has created competition resulting in benefit to user and manufacturers from across the globe got an opportunity to sell their products in different part of world.

Answer 2

Globalization affect production globally.

Explanation:

• Globalization has generated rivalry that helps consumers, and suppliers from all around the world could market their goods in various parts of the world.
• Globalization has pushed down the costs of goods in the pockets of customers.
• With the advent of better equipment and low labor, the cost of manufacturing reduced and the profit margin improved for the producer.  
• As the cost of land, manpower, and energy became lower in developed nations, multinational firms started their manufacturing units in various parts of the world.

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