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aev [14]
3 years ago
8

In what way has globalization impacted consumers in the U.S. economy?

History
2 answers:
adelina 88 [10]3 years ago
4 0
Globalization has impacted consumers by, having more choices on where to buy what you need keeping prices low.
Yuri [45]3 years ago
4 0

The correct answer is: "they can consume a greater variety of products at a lower price".

Economic globalization has involved market integration. Many trade barriers have dissapeared and many markets of goods and service function at an international or global level.

The increase in the number of competing firms that operate in such markets, has forced them to either become more efficient and more competitive producers or to close down. Firms which survive produce very large amounts to serve both domestic and foreign markets and more likely will reach economies of scale (decreased production costs which allow to set lower prices too).

The variety of products available for consumers has increased (they can access both domestic and foreign production) and this rise in the choice range has also turned consumers more sensitive to prices. Therefore, <u>they benefit because firms sell higher quantities (no scarcity) and there is a greater variety of products at a cheaper price.</u>

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