ORfrdiWhat is Globalization ? Explain any fouradvantage of globalizati

1.	ORfrdiWhat is Globalization ? Explain any fouradvantage of globalization in brief.
Answer» Globalization refers to the interaction of one economy with all the other economies of the world. This interaction can be in terms of financial transactions, trade, politics,education, production etc.. Free flow of goods and services between countries due to the reduction in trade barriers. Globalization advantages – 1.Helps boost the average growth rate of the country’s economy through improving in allocative efficacy and efficiency of the resources 2.It increases labor productivity and reduces capital-output ratio 3.It makes way for eliminating in-efficiency in the production system. 4.Attracts foreign capital as well as foreign updated technology, improving the quality of production

ORfrdiWhat is Globalization ? Explain any fouradvantage of globalization in brief.

Answer»

Globalization refers to the interaction of one economy with all the other economies of the world. This interaction can be in terms of financial transactions, trade, politics,education, production etc.. Free flow of goods and services between countries due to the reduction in trade barriers.

Globalization advantages –

1.Helps boost the average growth rate of the country’s economy through improving in allocative efficacy and efficiency of the resources

2.It increases labor productivity and reduces capital-output ratio

3.It makes way for eliminating in-efficiency in the production system.

4.Attracts foreign capital as well as foreign updated technology, improving the quality of production

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