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How do we feel the impact of globalization on our daily life? Explain with examples.

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Impact of Globalization –

(i) Globalization and greater competition among producers has been of advantage to consumers.

(ii) Greater choice before consumers.

(iii) Availability of standard quality products at lower price.

(iv) Improvement in living standard.

(v) Foreign investments have increased in many areas like cell phones, auto mobiles, electronics, soft drinks etc.

(vi) New job have been created.

(vii) Several of the units have shut down rendering many workers jobless.

(viii) Globalization has also created insecurity of job.

(ix) Any other relevant point.

Any five points to be mentioned.

Detailed Answer : 

Globalization affects our daily life in the following ways :

(i) With laws and regulations that encourage greater unencumbered trade between nations. Companies also have access to a greater array of products and services that they need to run their specific operations.

(ii) It leads to a decrease or abolishing of subsidies and tariffs and more products are available at cheaper prices.

It fosters innovation and efficiency in companies as they strive to offer products and services that consumers and businesses want, at the best price, and when they need them.

(iii) It leads to new opportunities for financing and more companies have access to a broader base of worldwide financial markets and capital.

(iv) Homegrown companies can broaden their scope and access foreign markets to sell goods and services to increase global market shares.

(v) Consumers and businesses have more choice of goods, and as such can access products never before available to them from other countries.

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