0
How have changes in technology contributed to the globalization of markets and production Would this be possible without these changes?
Wiki User
∙ 14y ago
Changes in technology have contributed towards globalization. The improvements of technology make our lives much more convenience. And, the advanced technology in microprocessors, internet, and transportation enable the spreading out of globalization. Without telephones you couldn't call a company mile away and about ordering their products. People advertise on the internet, Telemarketers, Even transportation. Machines also can speed up manufacturing products so that more of them can be made faster and distribute. Telecommunication is creating a global audience. Transportation is creating a global village. In other words, the changing in technology would lead to an influence on globalization of markets and globalization of production. The widely use in microprocessors and telecommunications increasing the amount of information being transferred, but lower its cost. This is very helpful in merging markets. The opportunities for companies to expend businesses are raised, due to plummeting in global communication cost. the decreasing cost in transportation, many businesses move their manufacturing plants to nations that provide cheaper raw materials and nature resources, in order to diminishing their production cost.
The three main changes in technology (microprocessors, Internet, and transportation) have a great supportive to the globalization of markets and production. If the lower cost of communication does not exist, people around the world would not have so many chances to connect with others and business would not be willing to put money to widen their markets....as a result of the technological innovations, the real costs of information processing and communication have fallen dramatically in the past two decades. These developments make it possible for a firm to create and then manage a globally dispersed production system, so without these technologies it's not possible to have such globalization of markets or even production.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
Significance of credit?
the use of credit allows the possible production of good.
Why is it possible for competition among firms to force down to capital intensive production?
It is possible for competition to force competitors into capital intensive production in order to compete. When a firm does this, they can gain a competitive edge over others in the industry and get more customers because their competition will have to charge more to cover the expenses.
What is modern banking system?
Modern banking system has been able to incorporate technology into the banking industry. This is what has made online and mobile banking possible.
How does globalization expand businesses?
Globalization expands businesses by opening up geographical and economical borders and barriers. You're able to purchase materials and labor from around the world based on the lowest cost possible. By going global through licencing and franchising agreements with your product, you aren't just selling to the local economy, you're selling to the most customers possible for the largest profit possible. You may have trouble affording materials from your suppliers here in the US. due to rising costs; with a little research you find that you can get the materials less expensive, say, from Romania or France; with trade agreements, licencing and franchising you're able to get your materials from their country as well as sell to their market which opens up two more markets to you rather than just your geographical location or just here in the US.
Advantages of flow charts?
A flowchart describes a production process using standard graphic symbols. By showing every step of the process in clear detail, it clearly conveys the process to clients or new employers in a fraction of the time, it would otherwise take. Additionally, mapping out the process graphically before production has begun, allows developers to look for any possible setbacks in the process.
What is the impact of globalization on science and technology in developing countries?
It is helping technology to grow in those countries. They are able to get the technology from other parts of the world, which would not have been possible before.
Would the globalisation of production and markets have been possible without these technological changes?
Globalization of production and markets would have been possible without these technological changes. However, it would have been such a daunting task as technologies have simplified most things.
How is technology a major factor that has stimulated globalization?
Technology is the foundation of globalization. Without the participation of technology, this process would not be possible. Technological advances made ​​it possible contacts between people living in different parts of the world. Modern tools of communication and transport allow companies to conduct business not only locally but also globally.
How has technology contributed to Mal development in Africa?
Technology has aided African labour in the way that it has simplified their work. work which could be done by many people can now be tuned to technology and machines work upon it in the shortest time possible.
What can cause a production possible curve to move to the right?
new technology, new labor sources, new resources
What does the Production Possibility Curve tell us?
All the possible combination of two goods which an economy produce with given resources and technology.
How successful generation and utilization of technology lead to economic development?
Technology affects the utilisation rates, marginal productivity, and inter-input returns from production. Development and investment in technology leads to lower production costs, which, in turn, lead to improved social outcomes due to lower unit costs. Technology allows for the expansion of possible production within the same feasibility constraint, allowing Pareto efficient outcomes to be greater than before technological growth.
How has technology farming?
Technology has affected farming by making it possible for fewer people to grow more crops per acre, at lower cost than would otherwise be the case. Technology has also contributed to the decline of the family farm and the rise of large corporate farms that are more like farming factories.
How has technology affected farming?
Technology has affected farming by making it possible for fewer people to grow more crops per acre, at lower cost than would otherwise be the case. Technology has also contributed to the decline of the family farm and the rise of large corporate farms that are more like farming factories.
What Effects of globalisation on Nigerian culture?
Globalization has made it possible for Nigerians to have access to goods and services that are not available locally. Globalization has also made it possible for Nigerians to access new markets for their products and services.
What is the consequences of globalisation on Nigerian economy?
Globalization has made it possible for Nigerian businesses to find markets abroad. Globalization has also ensured that Nigerians get products and services that are not available locally.
Why is globalization occureing?
Globalization is occurring because the world has torn down barriers. Communications have greatly improved. Innovations such as the telephone and internet have made it possible to greatly simplify international partnerships.
