Economic globalization forces local companies to compete with (private, domestic, or foreign) businesses. To compete, businesses strive to offer the best quality at the lowest price. As a result, products get (costlier, rarer, or cheaper), and more people are able to afford them.

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Noelle Bradshaw

29 April, 11:24

Economic globalization forces local companies to compete with (private, domestic, or foreign) businesses. To compete, businesses strive to offer the best quality at the lowest price. As a result, products get (costlier, rarer, or cheaper), and more people are able to afford them.

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Krista Nguyen · Answer 1

Krista Nguyen 29 April, 14:42

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Bridget Stevens · Answer 2

Economic globalization forces local companies to compete with foreign businesses. To compete, businesses strive to offer the best quality at the lowest price. As a result, products get cheaper and more people are able to afford them.

In general, economic globalization is the mobility of people, capital, technology, goods, and services internationally, supported by the reduction of trade barriers among countries, improvements in technologies of communication, transportation, etc.; and that has contributed to the increasing interdependence of world economies.

Due to the facility in which goods and services of foreign business are able to reach to almost any country, nowadays local companies face a stronger foreign competition. If local companies don't strive to offer the best quality of a product or service they offer at the lowest price, they may be "kick out" of the game by a foreign business.

As a result of this competition, products get cheaper and more people are able to afford them.