Have you ever wondered why when you go traveling to America, but on the souvenirs it says “Made in China”? That is because of a thing called ‘globalization’. Globalization is the increasing interaction of people, states, and/or countries caused by the growth of the international flow of money, ideas, and culture, and it has made a lot of big impacts on the world. Some might think it’s acceptable or great, but some also think it’s bad. Well I think it’s a pretty good thing, and here are the reasons why. First of all, it has positive effects to different levels of people and countries (looking at the economy side), both poor and wealthy. To poor countries and people there, globalization brings them the chance to sell their relatively low cost labour to the world’s markets. It brings the investment that creates jobs; although they get payed less than others doing the same job in richer countries, it is still a step up for people in the poor country as they usually get paid more doing those jobs than traditional jobs available there. On the other hand, to richer countries and citizens …show more content…
An efficient market is probably what every business aims for, that is where there is an equilibrium between the seller and buyer. The buyers wanting to buy a good or service, and the seller selling a good or service for an ideal price. If a seller improves the way he/she produce a good or service by doing things such as buying from an overseas supplier that offers discounts, he/she can then get a better advantage which allows he/she to increase the amount of goods that customers need. Even if the seller doesn’t increase the amount of goods, the seller can still make additional earnings and then use that earning to doing things like increasing the salary, better promotion, or improve goods; by doing that the seller will be able to make more sells, earn more money, do more of the things above and eventually become a successful