Final answer:
Global business activity is pursued for reasons such as accessing new markets and products, and lowering transportation and manufacturing costs. Advancements in technology and international agreements have further enabled and incentivized global trade. These factors collectively enrich consumer choice, heighten competition, and can boost national economies.
Step-by-step explanation:
Reasons to do business globally include access to new markets, access to new or needed products, decreased transportation costs, and decreased manufacturing costs.
Globalization is driven by various factors, such as innovations in shipping and air cargo that lower transportation costs, and advancements in computing and telecommunications that facilitate the management of long-distance economic connections. Moreover, many valuable products and services can now be transmitted over telecommunications networks at reducing prices. International agreements have also played a significant role in fostering global trade by decreasing trade barriers like tariffs and quotas, encouraging competition, and enhancing overall economic efficiency.
Consumers benefit from international trade by getting better or less expensive products, and businesses can increase their profits through access to larger markets and more efficient production methods. Additionally, employees of successful global businesses may earn higher incomes. Overall, the pros of globalization seem to outweigh the cons, contributing to the economic growth of nations involved in international trade.