Globalisation
Business: BTEC Level 3 National Extended Diploma, topic 4.3.1
Globalisation - Benefits
Globalisation is the process where people, businesses, governments and markets around the world become more connected. Technological advances and free trade movements have increased globalisation a lot in the last 50 years. Some benefits of globalisation are:
Single global market
- The emergence of a single global market has meant that UK companies are no longer competing with just other companies in the UK, but also companies all over the world.
- They can access more consumers and have more growth opportunities, but also face more competition.
Reduce costs
- UK businesses can import cheaply from other countries where rent or labour costs may be lower. This may enable the businesses to cut costs and increase profits.
Test yourself on Globalisation
What are some benefits of globalisation?
How has globalisation impacted UK businesses and companies?
Which of the following is not an outcome of a having a large, single, global market?