Question

Which of the following is an example of economic globalization?

Answer 1

 a mobile grocery selling organic food across New York City

Answer 2

Answer:

A Japanese store selling Tea and Spices from South Asia, is the correct option.

Explanation:

Globalization can be defined as the spread of the products, technology, and jobs across the national borders and cultures. In economics, it can be understood as the interdependence of nations propelled through free trade.

Globalization can raise the standard of living by providing job opportunities and improved access to job opportunities. The negative impact of globalization is that it can destroy jobs in developed countries because the companies of developed countries tend to outsource jobs to countries with low labor costs. It has also profited large corporations of western countries instead of the poor countries around the world.