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Which of the following factors hinders globalization of consumer goods market?

A. National differences in tastes and preferences
B. Higher production costs in developed nations
C. Homogenization of the material culture
D. Increased outsourcing of goods and services

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Kristelle Balando
Kristelle BalandoLv10
27 Aug 2020

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How supply affects goods and services supplied by businesses in the product market. How demand affects goods and services in the consumer market. How supply affects factors of production in the factors market and how demand affects factors of production in the factors market. How does the circular flow of wealth fit together as a whole process? Each assignment must be at least 150 words.

Outsourcing and offshoring are interesting topics that we are used to hearing a lot about. Regarding goods and services, everyone is eager to use offshore manufacturing, decrease tariffs, and make trade easier. Now, we see the complete opposite when it comes to labor. There are more restrictions, more visas, and talk of fences not only in the United States but also in Europe, where more and more immigrants are going. So, yes, employees in developed countries lose their jobs to offshoring and face additional competition from immigration. That is the general idea with which the labor movement gets identified.

For this discussion, answer the following questions: How has outsourcing helped developing and emerging economies? On the other hand, how has it hindered the economies of developed countries? Does outsourcing only hinder developed countries, or is outsourcing providing different opportunities for employees and businesses? For example, the retraining of manufacturing employees has had a boost on community colleges and higher education in general.

1. Select the scenarios that result in lower prices if they were to occur in isolation?

a. Higher technology, fall in the price of a substitute, decrease in the price of a complement

b. Higher productivity, lower taxes on corporations, lower expected future prices

c. Higher income for inferior goods, higher subsidies for firms, increase in tastes and preferences

d. Lower costs of production, fall in the price of substitute, reduction in consumer subsidies

2. If the price of substitute increased the result would be __________ prices, and we would say__________

a. an increase in prices, quantity demanded increased

b. an increase in prices, demand increased

c. a decrease in prices, demand decreased

d. a decrease in prices, supply increased

3. Consumers can make costly mistakes when not enough information is available. Which of the following represents a market solution to obtaining costly information?

a. Franchises

b. Advertising

c. Third party verification

d. All of the above

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