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BENEFITS OF GLOBALISATION (Free Trade (Countries exchange goods,…
BENEFITS OF GLOBALISATION
Free Trade
Countries exchange goods
Comparative advantage so this means they can produce goods at a lower cost
Countries can specialise in producing goods
Countries specialising = Countries gaining ( Low prices, Variety of goods, Domestic manufacturers, Greater competition
Increased Economies of Scale
Greater specialisation enables lower average costs and lower prices for consumers
Globalisation enables goods to be produced in different parts of the world
Greater Competition
Domestic monopolies used to be protected by lack of competition
Globalisation means that firms face greater competition from foreign firms
Communication and Transport
Roadworks and roadways
Buses, Train (railways), Planes, Electrical Cars
It has increases and imporved
Free Movement of Labour
Labour migration also helps reduce geographical inequality
Country experiences high unemployment, there will be an increase of opportunities to look for work elsewhere
Labour migration gives advantages to both workers and recipient countries
Increased Investment
Plays a big role in improving the economies of developing countries
Made it easier for countries to attract short term and long term investment
Globalisation has enabled increased levels of investment