GENERAL KNOWLEDGE

Detailed explanation-1: -Globalisation has resulted in greater competition among the producers. Producers in the home countries compete with the foreign produces and products thus improving the quality of the goods and services produced.

Detailed explanation-2: -This is because globalization encourages prosperous nations to outsource production to locations which provide either cheap labor or cheap raw materials or both.

Detailed explanation-3: -Globalization is a combination of gross domestic product (GDP), industrialization, and the Human Development Index (HDI). Developed nations benefit under globalization as businesses compete worldwide, and from the ensuing reorganization in production, international trade, and the integration of financial markets.

Detailed explanation-4: -Developed industrialized countries continue to benefit most from globalisation because increasing globalization generates the largest GDP per capita gains for them in absolute terms.