Question

In the 1960s, when a customer in the united states purchased a television, that television had been manufactured in the united states. Today, thanks to the fall of international trade barriers, televisions purchased in the united states might be manufactured in china or south korea. This change has occurred as the result of _____.

Answer 1

This fall in international trade barriers has occurred as a result of globalization.

What is globalization?

Globalization is the process that has increased the fall in international trade barriers, making it possible for goods and services to be traded across national boundaries.

Globalization has facilitated the integration of various economies through the easier movement of goods, services, capital, and labor across national boundaries.

Thus, a United States resident can buy a television set made in China or South Korea, thanks to globalization.

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