Explain how globalization has changed the economic landscape
Looking back to the mom and pop store of the 1970s, much has changed. Now products that are assembled in one country may have parts that come from many other countries. The final product is likely to be sold in still numerous other countries. In order to be more efficient business are looking closely at what part of a product is their core competency, and for those other parts or services these business are looking globally for lower cost and higher quality partners to supply those non core parts. This has led to significant outsourcing and the transfer of many jobs around the world. At the same time the consumer is provided with lower cost goods that are of higher quality. Globalization means higher quality, more innovative products, and faster life cycles. Globalization also means greater competitive pressure, more rapid change, and movement of jobs.
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