Question

Economic globalization has worked in favor of consumers. Because of intense competition, producers strive to offer the best quality at the lowest price. Therefore, consumers get more value for their money. They have the option of buying products if they are unhappy with domestic products.

a. True
b. False

Answer 1

Economic globalization has worked in favor of consumers by providing them with better quality and more affordable products. This is because intense competition among producers encourages them to offer the best quality at the lowest price, resulting in consumers getting more value for their money.

Step-by-step explanation:

The statement is true. Economic globalization has indeed worked in favor of consumers by providing them with better quality and more affordable products. This is because intense competition among producers encourages them to offer the best quality at the lowest price, resulting in consumers getting more value for their money.

Furthermore, economic globalization provides consumers with the option of buying products from other countries if they are unsatisfied with domestic products. This increases the variety of products available to consumers and gives them more choices.

Overall, economic globalization benefits consumers by giving them access to better quality, more affordable, and diverse products.