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Art [367]
2 years ago
6

Compared to the cross-cultural interactions of earlier times, what was different about those of the third-wave era?

Social Studies
1 answer:
8_murik_8 [283]2 years ago
8 0
<span>As opposed to the hierarchical structure of societies in the agricultural and industrial ages, the use of technology has leveled the playing field in the information age, making information, sharing of information, and the access to the resources to sustain it, truly global in its scope. Access to information is no longer in the hands of a few and is not, therefore, being used to subdue to stratify society.</span>
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Answer:

  1. Gains from trade
  2. Consumer Satisfaction
  3. Greater Efficiency
  4. Growth Opportunities

Explanation:

According to Investopedia, specialization is a method of production where an entity focuses on the production of a limited scope of goods to gain a greater degree of efficiency.

A country can specialize on the production of a particular commodity or service that is peculiar to their part of the world giving them the opportunity to become very efficient and have more opportunities for growth. Some of the benefits of specialization in a country include;

  1. Economies of scale/ greater efficiency: A country that is involved in specialized production will have very efficient production because the more focus they have on one task, the more efficient they become at this task which reduces the time and money involved in producing a good.
  2. Gains from trade: Two countries that both have comparative advantages on different products will benefits greatly if they continue in their specialized products and trade. For example country X produces fabric at a very cheap rate and country Y produces rice at a very cheap rate. It will cost country X a greater amount to start rice production than to just trade and get rice from country Y and vice versa. So both countries benefit from specializing and trading.
  3. Growth Opportunities: A country can gain access to the world market which allows them to grow bigger and in turn increase their efficiency.
  4. Consumer Satisfaction: Specialization means that cost of production is lower which makes the cost of goods relatively cheaper.
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