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Read the sources given below and answer the questions related to them:
Source A: Globalisation and the Indian economy As consumers in today‘s world, some of us have a wide choice of goods and services before us. The latest models of digital cameras, mobile phones and television made by the leading manufactures of the world are within our reach. Every season, new models of automobiles can be seen on Indian roads. Source B: Foreign trade and integration of markets Foreign trade creates an opportunity for the producers to reach beyond the domestic markets, i.e., markets of their own countries. Producers can sell their produce not only in markets located within the country but can also compete in markets located in other countries of the world. Similarly, for the buyers, import of goods produced in another country is one way of expanding the choice of goods beyond what is domestically produced. Source C: The struggle for fair globalisation In the past few years, massive campaigns and representation by people‘s organisations have influenced important decisions relating to trade and investments at the WTO. This has demonstrated that people also can play an important role in the struggle for fair globalisation.
Question (i)
How is the impact of globalization visible on consumers?
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Answer:
From the paragraph
As consumers in today‘s world, some of us have a wide choice of goods and services before us. The latest models of digital cameras, mobile phones, and television made by the leading manufacturers of the world are within our reach.
Answer
Globalization enabled consumers to have more options, with increased quality and low prices for a variety of products. We have access to the most recent versions of digital cameras, mobile phones, and televisions produced by top global manufacturers.
Question (ii)
How does Foreign integrates the markets?
From the paragraph
Foreign trade creates an opportunity for the producers to reach beyond the domestic markets, i.e., markets of their own countries. Producers can sell their products not only in markets located within the countr y but can also compete in markets located in other countries of the world. Similarly, for the buyers, import of goods produced in another country is one way of expanding the choice of goods beyond what is domestically produced.
Answer:
- Foreign trade creates opportunities for the producers to sell their products outside of the domestic country.
- As foreign trade grows , products move from one market to another resulting in expanding the choice of goods in the market.
Question (iii)
How do people play an important role in the struggle for fair globalization?
From the paragraph
In the past few years , massive campaigns and representation by people‘s organisations have influenced important decisions relating to trade and investments at the WTO . This has demonstrated that people also can play an important role in the struggle for fair globalisation.
Answer:
People play an important role in the struggle for fair globalization through massive campaigns and representation by people's organizations . These campaigns i nfluenced important trade and investment decisions at the WTO.
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