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Micro Economics essay - Book Report/Review Example

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The Commanding Heights is basically focused on globalization and how global markets work and interact, capitalism, and poverty, specifically among developing countries. By just reading the storyline, we can have a better understanding on what is really happening in the different markets in different countries.
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Micro Economics essay
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Download file to see previous pages Because of the advancements in communication and the popularity of the internet, the world for markets became "borderless". According to this particular chapter, India, Pakistan, African and China could not even participate in the world economy before. But now, they can easily get involved in the world economy because of the Internet ("Commanding Heights Episode Three: The New Rules of the Game"). Apparently, many multinational companies rely on China for labor while call center industries are very prominent in India.
I think the bottom line of this chapter is simple. Globalization affects many aspects of the economy. Entrepreneurs from one side of the world can transact business with the other side of the world with just a blink of an eye. This eventually leads us to the question of whether free market or government intervention is appropriate. If the government should intervene, what policies would be applicable to the ongoing globalization process
Households serve as the consumers in our economy so they are the ones who are most concerned with the price changes of goods and services. As we all know, the price of goods and services is one of the key factors that affect the demand for a good. The domestic prices as well as the world market price of a good affect the consumers' demand. So basically, the households are responsible for the demand for goods since they are the "beneficiaries" of the market ("Consumers play an active role in the economy"). In the United States, almost two-thirds of the country's economic output goes to individuals for personal use. Because of this, the country is often said to have a "consumer economy" (U.S. Department of State). Because of the behavior of consumers towards goods and services, their choices affect prices and other factors in the economy. They are also capable of influencing economic growth. In general, households make up the demand side of the economy.
In the case of the Global Village, households still act as the consumers in the ongoing globalization process. The chapter emphasized about the role of communication on the globalization. We can see in this chapter of Commanding heights how households and consumers around the world interact through communication and other technologies. There was even a part where the narrator said:
"Americans were often connected to the developing world without even knowing it. Consumers checking their credit-card balance could be routed seamlessly to call centers like this one in India, where operators identify themselves with made-up American names."

The households or the consumers benefit a lot from this generation of technology. Credit card owners, for example, can check their balance by just picking up the telephone. Basically, they are the ones who keep the globalization process alive. Without the consumers, firms around the globe will have no reason to produce. Without customers, call centers in India (just like what was mentioned in the Global Village), will have no reason to take calls. Also, households play a major part by interacting in the globalization ...Download file to see next pagesRead More
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