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Globalization of the world economy | Business homework help

  1. Globalization of the world economy has significantly improved our living standards. However, there are growing concerns, particularly in developed countries, that increased globalization and outsourcing has significantly undermined the survival of the manufacturing industry in developed countries. In this context, discuss who gains and loses from globalization.
  2. Globalization and global trade have led to increased competition in world markets and increased allocation of scarce resources. Is it accurate to say that this is contributing to increased consumer surplus and reductions in inflationary pressures? If yes, how (explain using economic concepts and terms how it is occurring)?
  3. Economies around the world are becoming increasingly globalized. How does this globalization affect the choices you face in your economic decisions? Do the effects change if you think of yourself as a consumer or as a producer? Use the economic principles and discuss whether consumers and producers are hurt or helped by this globalization?
  4. Singapore is considered one of the most globalized countries in the world. Discuss what this actually means and what challenges the United States or any other developed country would face if it attempted to replace Singapore in the top spot.
  5. How have changes in technology contributed to the globalization of markets and production? Would the globalization of production and markets have been possible without these technological changes?


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