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Examining world markets and how they benefit from globalization
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[QUOTE="Ayuba Ernest, post: 246168, member: 70169"] The globalization of world markets has brought about many benefits for people all around the globe. Trade has become much easier and less expensive, as companies have been able to move their operations to countries where the cost of labor is much lower. This has led to increased competition, which has in turn led to increased innovation and a higher quality of products available to consumers. In addition, the globalization of world markets has led to increased communication and understanding between different cultures. People have been able to learn about different ways of life and the benefits and drawbacks of different economic systems. There are a number of factors to consider when examining how world markets benefit from globalization. One of the most important is the comparative advantage that countries have in terms of natural resources and labor. For example, a country like China may have a very large population, which gives it a comparative advantage in terms of labor. Additionally, when countries trade with one another, they can specialize in the production of certain goods and services. This specialization allows them to become more efficient and produce those goods at a lower cost. As a result, both the country producing the good and the country consuming the good benefit from this increased efficiency. [/QUOTE]
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