Question

"what are the advantages of globalisation to consumers as well as producers"...??
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Answer 1

Answer:

Globalisation enables goods to be produced in different parts of the world. This greater specialisation enables lower average costs and lower prices for consumers. Domestic monopolies used to be protected by a lack of competition. However, globalisation means that firms face greater competition from foreign firms.

Iam so sorry frnd I didn't see ur previous q .

but is answer is here .

hope it helps u

Answer 2

I'm giving two answers select whatever u like

Explanation:

When you widely have a look at the globalization and the overall aspects behind its implementation and rather, also, the process-the manner in which this is done, you would see that globalization is actually somewhere a reflection of a nation’s foreign policy. Basically, what you do while globalizing your economy is, in simpler terms, you are opening up your markets for the foreign investors and producers. Simultaneously, you are facilitating the availability of foreign markets for your domestic consumers. You are hereby, also facilitating the collaboration of knowledge and technology between your nation and the other global community.

How globalization is ensured by a nation and the countries with which it develops bilateral or multi-lateral depends on the nation’s foreign policy and its existing prevalence in the global politics. In fact, once a nation has become open to globalization i.e. it has opened up its markets, the entry of goods in the domestic markets and the consumption of that nation’s domestic goods in the foreign markets is also largely dependent on the nation’s position in the global politics.

Now addressing the advantages:

• Advantages to consumers

1. First things, once your nation has opened up its markets, you are exposed to a massive variety of goods and services. Now, in such a scenario, you are not under the obligation of buying just those limited products which have been domestically produced by your nation. Rather, you now have a choice between the domestic products or the foreign products for the same good. This increases the elasticity of products and thus, consumers have a clear-cut benefit here in the terms of pricing. Say, the domestic unit has considerably raised the price of a good. The consumers then have the choice and the freedom of buying cheap foreign goods or vice versa.
2. There are some commodities which cannot be manufactured in a nation owing to the geographical factors or the geopolitics or even the socio-economic conditions. due, to globalization, that nation now has a variety of products which were not there earlier. This is a benefit for the consumers. that is because, earlier those products which were exotic, are now available in the markets

3. Another factor, if we peculiarly consider the cost of production, some commodities incur larger cost of production in a nation compared to others. In fact, in these cases, it becomes easier to import these products from the other nations and that too, at a cheaper price than our nation. So, the consumers now have a benefit of pricing.

• Advantages to producers

1. A prime advantage to the producers is that now, they have larger market spaces to sell their products and services. Once, a nation has globalized, the producers have now an opportunity to market and sell their products in the global markets. This clear-cut provides a benefit to the producers in the terms of profitabilty and business expansion.
2. Producers have now a space to experiment with their goods and services, providing a wider scope for research and development. That is because, these producers now need to tend to a global population with a plethora of different requirements. This widens their business perspectives.
3. A competition is developed among the collective producers’ community with respect to their goods and services and their sales. That infuses a stimulus to the production and research, thus strengthening a producers’ capability to grow, market and sell.

Here, owing to the question requirements, I have pointed out to the advantages at large. However, this is not the ultimate thing. When you globalize, you need to seriously consider its impacts on your nation’s economy first. You need to ensure that your trade deficit in such a case stays in balance. Because, if we have an imbalance there, we will see serious repercussions of the same in budget deficit, currency ratings and the economy of the nation. Developing nations, no doubt are benefited by globalization, but, the extent of foreign products dominance in the domestic markets needs to be constantly checked to keep the local producers satisfied. The world has seen instances of the politics in the nations being affected due to these developed trade relations. Yes, the World Trade Organization has definitely a check on the prevailing unpleasant global trade activities. Globalization is definitely beneficial, but, the extent and its effects need to be equally studied pragmatically