Unit 1, Lesson 2 Globalization of Production and Markets AOF Business in a Global Economy Copyright © 2009–2012 National Academy Foundation. All rights.

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Unit 1, Lesson 2 Globalization of Production and Markets AOF Business in a Global Economy Copyright © 2009–2012 National Academy Foundation. All rights reserved.

Globalization benefits companies Why do businesses globalize? To decrease the cost of doing business To reach new customers To increase product awareness What factors facilitate globalization? Political: trade laws and agreements Technological: the Internet, telecommunications Economic: air travel, freight containerization

Businesses globalize markets or production MARKETS are where existing or potential group of buyers meet sellers of goods, services, or information PRODUCTION is creating something of value, such as consumer goods, machines, tools, or materials Why would a small company want to globalize?

National markets are merging into one global market The world is now one single marketplace. Technology enables companies of any size to sell globally. Small- and medium-sized firms Multinationals What are the different markets you exchange in? Which are global?

Industrial markets are truly global Industrial markets serving universal (or nearly universal) needs include markets for: Commodities Industrial products Foreign exchange Financial assets Why is the commercial jet aircraft industry global?

Firms source goods and services from all over the world Global web of suppliers Firms take advantage of national differences in factors of production Labor Capital Land Why would a company want to hire workers from another country to perform labor? Globalization of Markets

Outsourcing helps companies cut costs Production Services Computer system maintenance Customer service call centers Imaging and radiology MRI 24-Hour Production Flow What are the benefits and downsides of an MRI analyst being located across the world? MRI Scan (U.S.) MRI Reading (India) MRI is Ready (U.S.)

There are pros and cons to globalizing In each of these areas, globalization has made an impact: Political Cultural Economic Depending on your perspective, these changes have been harmful or helpful. Can you name a pro or con of globalization in any of these areas?