Economics
Answer
The various ways in which countries can be linked are:
- The movements of goods and services — Countries are interconnected through foreign trade. This involves the exchange of goods and services across borders. Exports and imports play a crucial role in linking nations economically.
- Investments — MNCs operate across borders, invest in foreign markets, buy lands, provide jobs and thus contribute to economic integration.
- Exchange of technology — The movement of advanced technology between countries links them. Innovations, research, and knowledge flow globally, impacting economic growth and development.
- The movement of people between countries — People usually move from one country to another in search of better income, better jobs or better education and tourism.
Related Questions
How will the import of steel from India into the Chinese markets lead to integration of markets for steel in the two countries? Explain.
What is the role of MNCs in the globalisation process?
Choose the correct option.
Globalisation, by connecting countries, shall result in
- lesser competition among producers.
- greater competition among producers.
- no change in competition among producers.
A news magazine published for London readers is to be designed and printed in Delhi. The text of the magazine is sent through Internet to the Delhi office. The designers in the Delhi office get orders on how to design the magazine from the office in London using telecommunication facilities. The designing is done on a computer. After printing, the magazines are sent by air to London. Even the payment of money for designing and printing from a bank in London to a bank in Delhi is done instantly through the Internet (e-banking)!
In the above example, underline the words describing the use of technology in production.