Our world is getting smaller
What is Globalization?
Globalization is something that has been happening to our planet for many years.It is the process of connecting many far away places in the world. It is mostly economic but also cultural and social.Some details of it are all the world's individual economies are joining into one through international businesses and free trade.
How does this effect the world?
Globalization effects the world in many ways but the most one important ways is the economy. With globalization all of the worlds resources are connected and so is all of the worlds labor and all of the worlds capital and consumers. Because of this companies can become larger than they ever would have without globalization. Its the reason that many things in America say made in China. The company thought that it would be cheaper to make that thing in china than other places like America.
Supply and demand in Globalization
Supply and demand is good and bad in many ways but here I will look at the positives. These new global connections allows for increased competition from around the world and these new businesses make more products leading to an increased supply. The second reason is there is now consumers all over the world leading to an increase in demand for products.