Economics & Globalization - LEE GEONYONG
How globalization affects the economy Globalization changed how business works. Companies don't stay in one country anymore. They sell products everywhere. They also make products in different places to save money. Trade between countries grew a lot. Korea exports cars and phones. We import oil and food. Money moves across borders fast. What happens in Wall Street affects the Korean stock market the next day. Your smartphone tells the story Look at your smartphone. It's a perfect example of global economy. The design might come from California. The screen is made in Korea. The camera parts come from Japan. Workers in Vietnam or China put everything together. Then it gets shipped worldwide. No single country makes the whole phone. Each country does what it costs less or what they do best. This is how modern economy works. Everything is connected. The benefits Economic globalization makes things cheaper. Competition between countries keeps prices down. We can buy more st...