Author Question: What are some advantages of the global marketplace to consumers and ... (Read 103 times)

tth · **on:** Jun 29, 2018

What are some advantages of the global marketplace to consumers and businesses?

Question 2

Compare and contrast the characteristics, technology, and values of the Industrialization Era with those of the Information Age.

af · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

Consumers have access to more products and services, and they benefit from the lower prices caused by increased competition. Businesses can use the Internet to market their products and buy raw materials at the cheapest price rather than from the closest supplier. Businesses also have broader access to diverse employees with a variety of experience. The Internet has made it possible for people to perform market exchanges without ever meeting in person. Products can be shipped and services can be conducted via the Internet.

Answer to Question 2

In the Information Age, knowledge, information, and communication skills are prized. Service jobs are a large part of the economy. Use of the Internet and digital technology is widespread. During the Industrialization Era, self-interest was valued more than the common good. The economy was focused on mass production, manufacturing, and expanding commercial markets. Inventions such as the steam engine, the cotton gin, and electricity had a major impact.