The impact of globalization is something which everyone in the modern world feels everyday in their daily life. Globalization has lead to large opportunities for businesses, from purchasing parts from other countries to manufacturing their product outside of their own country to sell to consumers around the world.
Beyond that, globalization has impacted my whole family in many ways. You cannot go a day using modern technology with out seeing advertisements of products which are manufactured over sees, or drive through the city without seeing a fast food chain like McDonalds with thousands of locations all over the world. Many of the products we see, use, and eat everyday are a product of globalization. Whether it’s manufactured or imported from another county, or a business based in another country.
Globalization has particular had a major role in U.S. business opportunities. The option to move jobs to other countries for cheaper manufacturing has meant the ability to sell products to the consumer in the U.S. (or around the world) for at a much cheaper cost while still being able to maintain the same, or even a greater profit margin. Globalization has affected more than just the cost of manufacturing products, but also the spread of technology. As technology has advanced, and communication became easier, sharing technology has led to more effective means of production. According to statista, the global export volume of trade in goods in 1950 was only $61 billion, but by 1990 it has increased 8274.37% to $5.176 trillion.