Final answer:
Smartphones illustrate the complex network of the global marketplace, where raw materials and manufacturing processes span multiple countries. They highlight our dependence on international trade and the impact this has on global economies and sustainability concerns.
Step-by-step explanation:
Global Marketplace and the Impact of International Trade
When we consider a global marketplace, it's clear that international trade is deeply integrated into our daily lives. For instance, let's trace the journey of a popular commodity such as a smartphone. A smartphone's journey begins with the extraction of raw materials. Rare earth elements, used in the production of screen displays and batteries, might be mined in China. The petroleum used for plastic parts could be sourced from the Middle East. These materials are then manufactured into various components; semiconductors might be made in Taiwan or South Korea, and the assembly might occur in China.
This intricate web of supply represents how consumption of everyday products like smartphones is interwoven with a complex global supply chain. Globalization affects consumer choices and the availability of goods, with smartphones being a prime example that reflects our reliance on a multitude of global factors of production. The economic ties forged through the trade of goods like smartphones underpin many economies and significantly contribute to world trade, as seen with the high percentage of domestic economic production that is exported, which can be measured by organizations like The World Bank.
The global economy is strained by the increasing demand for products and their components which are sourced worldwide, leading to discussions about sustainability, economic dependencies, and the need for equitable trade practices. This demonstrates the complex interdependency on global trade and the significant role it plays in shaping local economies and workforces.