Question

Why world economy is called global village?

Answer 1

Jump to: navigation, search. The global village is a metaphoric shrinking of the world into a village through the use of electronic media. Global village is also a term to express the constituting relationship between economics and other social sciences throughout the world.

Answer 2

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Globalization gives organizations the opportunity to take advantage of lower labor costs in developing countries, while leveraging the technical expertise and experience of more developed economies.