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Globalization of Economy - Coursework Example

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The author of this coursework "Globalization of Economy "  describes the notion of globalization and economy, benefits of globalization of the economy in different fields, for example, the economy of the country, healthcare, business, international trade, etc. …
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Globalization of Economy
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Download file to see previous pages People from different countries are able to access products manufactured from other nations with ease and market what they have, thanks to globalization, which has made the world reachable and available to all (Boudreaux). It has also greatly reduced poverty levels in developing countries, and the number of those living below the poverty line has declined because companies in the developed nations shift their activities in search of cheap labor.
The economy is a network of producers, distributors, and consumers of goods and services in a local, regional and national community. The country’s economy will be determined by the number of products they produce, the type of market they sell their products and the distribution channel they use. Countries that sell their products in the international markets are more likely to be having a greater economy than the ones that they sell to the local market. This is because the local market prices are cheaper than the international markets (Fairclough).
Globalization of the economy is the increasing economic integration of national, regional and local economies across the world via the process of intensification. It occurs in the cross-border movement of goods, services, and capital. It mainly deals with the globalization of products, finances, markets, technology, and labor, which has significantly changed the level of urbanization and economic activities in many developing countries. Globalization of the economy has greatly increased the integration and interdependence of nations’ economies due to the cross-border movement of goods, technologies, and services. It entails the globalization of production, finance, markets, corporation, and labor.
Globalization evidently led to an increase in income, economic growth and lower consumer prices in developing countries. It is because the countries will be able to specialize in certain products, which they have a competitive advantage and use the cheap product to make the finished goods hence getting profit with low prices (Ferguson). ...Download file to see next pagesRead More
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