Factors influencing Globalization are as follows: (1) Historical (2) Economy (3) Resources and Markets (4) Production Issues (5) Political (6) Industrial Organisation (7) Technologies . Globalisation though is basically an economic activity, is influenced by many factors.
What are the factors affecting globalisation Class 10?
Solution: Rapid improvement in transportation and communication technology and the liberalisation of trade restrictions and foreign investment have been the major factors that has enabled the globalisation process.
What are the 4 factors of globalization?
Furthermore, these factors cover all the four major aspects of globalization i.e. economic, financial, political, social and technological .
What are the factors affecting global economy?
Economists generally agree that economic development and growth are influenced by four factors: human resources, physical capital, natural resources and technology . Highly developed countries have governments that focus on these areas.
What are the factors that affects globalization?
- Containerisation. The costs of ocean shipping have come down, due to containerisation, bulk shipping, and other efficiencies. ...
- Technological change. ...
- Economies of scale. ...
- Differences in tax systems. ...
- Less protectionism. ...
- Growth Strategies of Transnational and Multinational Companies.
What are the 7 major types of globalization?
- Financial Globalization.
- Economic Globalization.
- Technological Globalization.
- Political Globalization.
- Cultural Globalization.
- Sociological Globalization.
- Ecological Globalization.
- Geographical Globalization.
Concerns and issues are often raised about the impact of globalization on employment, working conditions, income and social protection . Beyond the world of work, the social dimension encompasses security, culture and identity, inclusion or exclusion and the cohesiveness of families and communities.
What are the positive and negative effects of Globalisation?
Globalization has brought benefits in developed countries as well as negative effects. The positive effects include a number of factors which are education, trade, technology, competition, investments and capital flows, employment, culture and organization structure .
What is Globalisation class 10th?
Answer: Globalisation is defined as the integration between countries through foreign trade and foreign investments by multinational corporations (MNCs).
What are the negative effects of Globalisation?
- Unequal economic growth. ...
- Lack of local businesses. ...
- Increases potential global recessions. ...
- Exploits cheaper labor markets. ...
- Causes job displacement.
What are 3 influences on globalization?
Factors influencing Globalization are as follows: (1) Historical (2 ) Economy ( 3) Resources and Markets (4) Production Issues (5) Political (6) Industrial Organisation (7) Technologies. Globalisation though is basically an economic activity, is influenced by many factors.
How does globalization affect us?
Globalization affects you and me by giving people broader access to products and services , decreasing subsidies and tariffs, creating new opportunities for financial markets, giving national industries more access to international markets, and connecting national economies.
What are the five advantages of globalization?
- Access to New Cultures.
- The Spread of Technology and Innovation.
- Lower Costs for Products.
- Higher Standards of Living Across the Globe.
- Access to New Markets.
- Access to New Talent.
- International Recruiting.
- Managing Employee Immigration.
What are the 4 factors of economic growth?
Economists divide the factors of production into four categories: land, labor, capital, and entrepreneurship . The first factor of production is land, but this includes any natural resource used to produce goods and services.
What is an example of global economy?
The United States financial structure and stability is based on trust. For many years, the country has shown a perfect financial record when it comes to debt payments. ... This is an example of how the global economy works, where one country’s decisions might have a big impact in the overall worldwide economy.
What are the 5 components of economic globalization?
Elements of economic globalization
The growth in cross-border economic activities takes five principal forms: (1) international trade; (2) foreign direct investment ; (3) capital market flows; (4) migration (movement of labor); and (5) diffusion of technology (Stiglitz, 2003).
