Write three major impactbof globalisation onthe lives of the people
Answers
Inward investment by TNCs helps countries by providing new jobs and skills for local people.
TNCs bring wealth and foreign currency to local economies when they buy local resources, products and services. The extra money created by this investment can be spent on education, health and infrastructure.
The sharing of ideas, experiences and lifestyles of people and cultures. People can experience foods and other products not previously available in their countries.
Globalisation increases awareness of events in faraway parts of the world. For example, the UK was quickly made aware of the 2004 tsunami and sent help rapidly in response.
Globalisation may help to make people more aware of global issues such as deforestation and global warming and alert them to the need for sustainable development.
Impacts of globalisation -
(i) Availability of variety of product s with greater choice and quality that Too at affordable price.
(ii) Creation of new jobs and higher standard of living.
(iii) Thousands of uneducated and unskilled labourers have become jobless due to closure of domestic units.
(iv) Most of the small industries have been hit hard due to foreign competition.