Question

5. In what specific ways does globalization affect you in your daily life? (3 points) How has globalization changed interactions between buyers and sellers in the last few decades? (5 points) 6.

Answer 1

1) Globalisation impacts every aspect of an person's life including, transport, language, religion, food, music and clothing.

-- It provides us a wide choice to pick. Thus today I have wider choice in food, music and clothing etc at reasonable budget

-- Advancements in technology have enhanced the transport and communication systems which has saved my time.

-- It has created jobs thus enhanced my savings as well as earnings

2) Globalization refers to any transactions in an economy where the buyer and seller come together through the electronic media of the Internet, form a contractual agreement in regard to the price and delivery of specific goods and services, and complete the transaction through delivery of payments and goods and services as contracted. Few driving force in globalization for interaction between buyers and seller are as below:

-- Company Intranets and Extranets: These facilitate cooperation among various companies on joint projects, initiatives and information sharing. They also permit them to connect with customers in a more controlled setting than the Internet

--E-business (E-commerce): E-commerce is the usage of digital information and electronic communications processing technology in business transactions wherein the parties interact electronically instead of physical exchanges or direct physical contact thus have been a driving force behind the space and time compression

--E-mail and Video-conferencing: Video conferencing has started to edge out teleconferencing in majority businesses. E-mail and Video-conferencing allows sending along data files filled with data through the system and have confirmation that the data has been received without ever having to leave the platform.

--Internet : Internet has shrunk the world and has created a global network that increasingly expands the connections and interdependency between individuals

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