Question

What changes has globalization created for economies of all nations

Answer 1

Answer:

more competition

Explanation:

Globalization is a process whereby businesses expand their scope of operations across other countries of the world. When globalization occurs, more competition is created among the local industries and the cost of production is significantly reduced. Companies can source the materials required for production in countries where they are not so expensive.

While expanding their reach they also benefit the citizens of the countries they go to as these gain employment. The competitive advantage offered by globalization makes it possible for companies to produce goods with higher quality but at lower prices. When businesses are in active competition the economy thrives.