Question

In countries such as China, globalization has led to

Answer 1

The correct answer is: "benefits for producers and consumers"

Economic globalization has involved market integration. Both have possible due to improvements in transport and communications technologies. Many trade barriers have dissapeared and many markets of goods, services and factors of production function at an international or global level.

This scenario has been a source of wealth for many countries, such as Cihina, whose goods and services are now commercialized all over the world.

• Firms serve larger markets and produce higher outputs, which enable them to enjoy economies of scale and earn greater profits.
• Consumers can choose from a wider range of products at a cheaper price, because international competition drives prices down.

Answer 2

A better standard of living