Answered: what the developing and emerging…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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what the developing and emerging economies have to do with globalization

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Globalization refers to the interdependence of world economies. It helps to promote the interaction between different countries, people around the globe. It facilitates the movement of goods, capital, technology, labor across the world.

The globalization benefitted the emerging and developed economies in different ways:

It helps them to access the worldwide market and to export their cheap products. Consumers can access a large variety of goods.
The globalization encourages free trade and reduces trade barriers which promote and increase the global economic growth, create jobs, make the businesses and companies more competitive and provide the lower price of products to the consumer.
It increases competition between countries which encouraged the business of the developing and emerging economies to increase their efficiency.
It brings advancement and progress in the developing and poor countries through the infusion of technology and foreign capital. It provides a chance for them to develop economically.
It creates opportunities to take advantage of the national differences in the quality and cost of a factor of production.
It decreases the macroeconomics volatility and roe of the political policies.
It also encouraged countries to take unified environment policies.

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