Question

Decide whether each item is a benefit or cost of economic globalization: access to a larger market, loss of jobs in developed countries, depletion of natural resources, increase in production of goods?

1) Benefit
2) Cost

Answer 1

The benefits of economic globalization include access to a larger market and increased production of goods, while the costs entail loss of jobs in developed countries and depletion of natural resources.

Step-by-step explanation:

Deciding whether each item is a benefit or cost of economic globalization involves assessing the impact on societies and economies. Access to a larger market is generally viewed as a benefit, as it presents the potential for businesses to expand their sales and reach numerous consumers, fostering economic growth and potentially leading to increased production of goods. This increase in production can also be seen as a benefit, as it may lead to economies of scale, lower prices for consumers, and greater variety of products.

However, some aspects of globalization can lead to adverse effects. The loss of jobs in developed countries is often considered a cost, as industries move their production to countries with cheaper labor markets, leading to unemployment in the original country. Moreover, the depletion of natural resources is a significant cost to the environment and to the sustainability of economies that rely heavily on these resources.