Question

2.29: Industrialization and Globalization Unit Test 34 points

Answer 1

Answer: Industrialization a shift in an economy from one sector (agriculture) to another ( industry) e.g Manufacturing

Globalization this is an interaction of an economy with other economies globally.

Explanation:

Industrialization is a shift in a countries economy which was primarily based on agriculture e.g farming, livestock e.t.c. to Industry which involves manufacturing, production of goods and services. Examples of industrialized nations are Germany, USA, Italy.

Globalization on the other hand is an interaction of world economies.Globalization often leads to an increase in market competition. This competition are usually related to product and service costing and pricing, target market, adaptation of the technology by companies etc. A company producing with less cost can sell cheaper which in turns increase it markets share globally.

e.g Japan (Toyota) market competition with Germany (Mercedes).