Globalize Your Nation

In Glogpedia

by simrit123
Last updated 5 years ago

Discipline:
Social Studies
Subject:
Economics

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Globalize Your Nation

GLOBALIZE YOUR NATION!

How does it help our consumers?

How does it help our businesses?

Economies of Scale

Globalization allows businesses to realize their economies of scale enabling them to reduce production costs and prices, which in turn supports further economic growth and reduces prices for consumers. Reduced prices push consumers into purchasing more products and therefore increases the businesses sales.

Globalization allows production to become increasingly specialized. It enables businesses to produce goods in different parts of the world for a much lower cost. Doing so, increases the businesses economies of scale. Therefore, they are able to produce much more for much less.

Globalization has allowed businesses to no longer suffer with gaps in their labor structures. As well, shortages of labor are no longer an issue on a local level since workers can be chosen and hired from the entire global market. Because of the increased ease of communication and the reliability of the Internet, a person can be trained to work at a job in a foreign country without actually being present.

Globalization has allowed consumers to market themselves to a global stage and compete for employment anywhere across the globe. This has allowed them to gain employment much faster than only searching through the pool of their own economy.

Labour Market

Variety of Products

Economic Growth

Consumers are able to enjoy a much wider selection of products to choose from. They have the chance to gain understanding and purchase products of other cultures which in turn, gives them more intellectual knowledge about the other cultures around the world. Consumers also benefit from the low cost products as a result of the economies of scale.

For consumers, a stronger economy results in higher incomes, lower unemployment rates, and improved public services. A heightened economy creates a higher standard of living for the country. Consumers are able to purchase more products and pay more attention to their wants rather than their needs which satisfies the consumer.

Globalization forces businesses to create new and innovative products that they would never have otherwise. This is because a globalized economy becomes much more competitive for consumer attention and therefore brings about a variety of products. Foreign companies can reach those who do not reside in their country and are in need for their products.

Globalization has enabled businesses and thus countries make far more money than they did just a few years ago. In 2000, Canada’s GDP was at $739.5 billion compared to $1.83 trillion in 2015. Therefore, an increase in GDP plays a major role in creating an economy with a strong economic health. When corporations and businesses are allowed to expand across borders, money flows more freely. Therefore resulting in a heightened economic growth.

Now, why wouldn't you consider globalization?


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