Class 10 Exam > Class 10 Questions > Globlisation shall result in :[2011 (T-2)]a)l...
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Globlisation shall result in :
[2011 (T-2)]
- a)lesser competition among producers
- b)greater competition among producers
- c)no change in competition among producers
- d)destruction of large scale producers
Correct answer is option 'B'. Can you explain this answer?
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Most Upvoted Answer
Globlisation shall result in :[2011 (T-2)]a)lesser competition among p...
Explanation:
The process of globalization, which involves the integration and interdependence of economies, is likely to result in greater competition among producers. Here is a detailed explanation:
Reasons:
- Market Expansion: Globalization opens up new markets and increases access to a larger customer base. This leads to more producers entering the market, resulting in increased competition.
- Access to Resources: Globalization allows producers to access resources from different countries. This leads to increased efficiency and cost-effectiveness, attracting more producers to compete in the market.
- Technological Advancements: Globalization promotes the flow of technology across borders. This enables producers to adopt new and advanced production methods, leading to better quality products and increased competition.
- Comparative Advantage: Globalization encourages countries to specialize in producing goods and services in which they have a comparative advantage. This specialization leads to increased competition as producers strive to excel in their specialized areas.
- Innovation and Product Development: Globalization fosters innovation and encourages producers to develop new products and services to meet the diverse needs of consumers worldwide. This results in increased competition as producers compete for market share.
Therefore, considering these reasons, it can be concluded that globalization would result in greater competition among producers.
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Globlisation shall result in :[2011 (T-2)]a)lesser competition among producersb)greater competition among producersc)no change in competition among producersd)destruction of large scale producersCorrect answer is option 'B'. Can you explain this answer?
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