Chapter 20, Problem 19AA

To determine

Complete the web chart.

Explanation of Solution

  

Free movement of labor: Due to globalization, there is no bar on movements of people from one country to another. Now the world has become integrated. Labor from one country can easily move to another country for better employment opportunities.

Access to new technology: Globalization has helped in the movement of technologies all over the world. For instance, people or firms in Bangladesh can import the technologies developed in Japan or America.

Access to new markets: Due to globalization movement of goods and services is possible from one country to another. Businesses or firms in India can access the markets of China, America, Saudi Arabia, etc. to sell their products. Hence, they can access new markets for their goods and services.

Lower cost of production: In a globalized world, firms can establish their business in a country where the cost of production is cheaper. For instance, many companies have established their production units in China due to the low labor cost.