Question

Traditionally markets have been local and domestic primarily due to

a. manufacturing and production capabilities
b. transportation issues
c. different cultures
d. trade barriers

Answer 1

Traditionally, markets have been local and domestic primarily due to manufacturing and production capabilities, transportation issues, different cultures, and trade barriers. However, reductions in trade barriers, improved transportation, and communication media have made people more aware of what is available in the rest of the world, leading to the growth of global markets.

Step-by-step explanation:

Traditionally, markets have been local and domestic due to various factors:

1. Manufacturing and production capabilities: Local markets often relied on local manufacturing and production capabilities, which limited their ability to serve global markets.
2. Transportation issues: Lack of efficient transportation infrastructure made it difficult for goods to be transported long distances, thus limiting international trade.
3. Different cultures: Cultural differences between nations often resulted in distinct preferences and demands, leading to the development of local markets.
4. Trade barriers: Governments imposed trade barriers such as tariffs, quotas, and restrictions, which made international trade more difficult and costly.

However, with reductions in trade barriers, improved transportation, and communication media, international trade has become easier and more accessible. People are now more aware of what is available in the rest of the world, leading to the growth of global markets.