Question

1-b.) "globalization means the speedup of movements and exchanges (of human beings, goods, and services, capital, technologies or cultural practices) all over the planet" (you matter).

Answer 1

Globalization is the quickening of all goods' international exchanges and movements.

Why is globalization crucial to the economy?

In general, manufacturing costs decrease as a result of globalization. This suggests that companies can set lower prices for their goods. The average cost of goods is a key element that raises the quality of living. Additionally, there is a wider variety of goods available to consumers. Globalization is the process by which countries, corporations, and businesses begin conducting business on a global scale in terms of economics. Although it has been seen that globalization generally raises living standards in emerging countries, some analysts warn that it could potentially have a negative effect on local or developing economies, as well as on particular employees. Socially, globalization has facilitated people's cultural and intellectual exchange, fostering a more tolerant and welcoming society.

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