Answered: The integration of economies throughout…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

2. The integration of economies throughout the world, enabled by technological progress, is called globalization. Explain the THREE (3) effects of globalization.

Expert Solution

Step 1

Globalization is defined as the process of spreading of products, information, technology and employment across the globe. In economic terms it is defined as the interdependence of various nations across the world to carry out free trade. The companies which exists in developed nations have a competitive advantage through globalization over the less developed ones. Globalization of the economy is one of the main driving forces for cultural diversity at workplace. Such a diverse workplace also provides intangible and material advantages for the employees of the organization.