Business English >> Advanced Vocabulary >> Impact of Globalisation Gap Fill
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Advanced Vocabulary
Impact of Globalisation Gap Fill - Answer Key
Globalisation has transformed the way businesses operate by opening up access to international markets, allowing companies to sell products and services across borders. However, it also means that businesses must navigate different regulations, including tariffs, which can make imported goods more expensive. Many companies take advantage of outsourcing to reduce costs by sourcing parts or services from abroad. The movement towards free trade has reduced barriers to international commerce, making it easier for businesses to access new customers. Trade agreements between countries further facilitate trade by removing or lowering trade barriers.
A global supply chain allows businesses to distribute their products worldwide, but it also exposes them to risks such as political instability. One of the positive aspects of globalisation is the increase in cultural exchange, where ideas, traditions, and products from different cultures spread across borders. Additionally, globalisation encourages foreign investment, which can help developing countries grow their economies.
