In what way is globalization a disadvantage for developed nations?

1 answer:

3 0

Businesses and corporations relocate to developing nations so they don't have to pay the wages that developed nations pay their workers. Many of these nations do not have the same regulations in regards to workers' rights, benefits, safety, and environmental impact. Because companies aren't subject to these regulations, they are able to save millions of dollars. As a result, businesses shut down operations in the U.S. and other developed nations and move those jobs abroad.

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The short-run price elasticity of demand will be inelastic and the short-run price elasticity of supply will be inelastic.

Elasticity of demand measures the relationship that exists between price and quantity demanded.

Elasticity of supply measures how quantity supplied changes when there is a change in the price of a good.

Types of elasticity.

Elastic demand (supply): This means that demand (supply) is sensitive to price changes
Inelastic demand (supply): this means that demand (supply) does not respond to price changes. The coefficient of elasticity is less than one.
Unit elastic demand (supply): demand (supply) changes in equal proportion. The coefficient of elasticity is equal to one.

Factors that affect elasticity

The number of substitutes the good has: the more substitutes the good has, the more elastic demand is.
The length of time: demand (supply) is inelastic in the short run. In the short run, producers (consumers) do not have enough time to find suitable substitutes. In the long run, producers would have more time to search for suitable substitutes or shift to the production of other goods when compared with the short-run.
Ease of entry or exit into an industry: the more easy it is for firms to enter into an industry, the more elastic supply would be.

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This way, the supply chain never gets disrupted.

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