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What is globalization and what are its implications for working in the economy?
Wiki User
∙ 13y ago
The term "globalization" is commonly used to describe that local economies are becoming one global economy. Many goods and services come from all over the world.
This could be raw materials are extracted in one country, shipped to another counter where they are refined/processed , and then finally distributed into a local economy
With more competition, prices and profits are expected to decrease and inefficient firms will be forced to become efficient or close down. Globalization has many implications for people all over the world but overall economic welfare is increased for society because prices will be cheaper and more choices available.
For working in the economy, job pay will be directly tied to the amount of skill that is required to perform the job. For best results, specialize either by getting an advanced degree or learning a technical trade.
-NW
Wiki User
∙ 13y ago
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Globalization of the economy has hurt which category of the us population?
Economy
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