Globalisation - Pros and Cons to Developed Economies

Question 1

For producers what are the 4 advantages to globalisation

Answer 1

Lower cost of production due to cheaper labour

Economies of scale - reduced AC

Larger markets

Increased skill of workers

Question 2

For producers what are the 2 disadvantages of globalisation

Answer 2

more volatile markets so more risk

price of certain resources could increase costs

Question 3

What are the 2 advantages of globalisation for workers

Answer 3

more job opportunities
higher demand higher wages

Question 4

What are the 2 disadvantages of globalisation for workers

Answer 4

firms will outsource their labour so could reduce job opportunities

Question 5

What are the 2 advantages of globalisation for consumers

Answer 5

Increased variety and quality of goods

lower prices due to more competitiveness

Question 6

What are the 2 disadvantages of globalisation for consumers

Answer 6

MNC flood high streets so more generic
increase global demand so demand pull inflation