Final answer:
The positive effects of a global economy include increased trade and economic growth, greater access to goods and services, cultural exchange and diversity, and an improved standard of living for many people, leading to significant economic gains.
Step-by-step explanation:
The positive effects of a global economy encompass several aspects. One significant benefit is increased trade and economic growth that result from free trade and the application of comparative advantage, thereby enhancing productivity on a global scale. This leads to an improvement in the average standard of living for countries involved. With the expansion of international trade, there is greater access to a diversity of goods and services, enabling consumers to enjoy products from across the world.
Furthermore, globalization fosters cultural exchange and diversity, contributing to the sharing of ideas, customs, and traditions between different populations. This cultural intermingling can also lead to international awareness and empowerment. Additionally, many people experience an improved standard of living due to the economic opportunities that arise from globalization, such as job creation and income generation. The economic gains from expanding international trade are substantial, potentially reaching into the trillions of dollars, especially beneficial for smaller and lower-income countries.