ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Positive consequences The mixing of people and cultures from all over the world enables the sharing of ideas and lifestyles, creating vibrant cultural diversity. People can take holidays in far off locations. Consumers enjoy a greater choice of goods and services at cheaper prices.

Detailed explanation-2: -Globalization has allowed society to enjoy many benefits, including increased global cooperation, reduced risk of global conflict, and lower prices for goods and commodities. Unfortunately, it’s also led to serious negative effects on the environment.

Detailed explanation-3: -Potential benefits of globalization for the economy include increased choice, higher quality products, increased competition, economies of scale, increased capital flows, increased labor mobility and improved international relations.

Detailed explanation-4: -Positive Impacts of Globalization Adopting globalization increases free trading opportunities between countries. This allows business organizations in developed countries to invest in developing countries. As the communication between the countries becomes open sharing of information became easier due to globalization.