Question

What is globalization?How has it impacted your life (from a business and consumer perspective)

Answer 1

Globalization is defined as the establishment of business across different nations in an integrated manner with free movement of labor, goods and services so that it favors free trade between nations. With this free and open competitive environment is created which promotes firms to adopt new technologies to reduce cost and improve the quality of good.

When firms are involved in fair competition, consumers would get goods at lesser price which increases affordability, purchasing power and hence promotes consumption. So with the same income level more number of goods can be consumed.