9. Describe three advantages and three disadvantages of globalization.
The advantages of globalization are the ability to take advantage of foreign markets, the availability of cheap labor and the reduction of trade barriers. The ability to take advantage of foreign markets is the increased potential for obtaining new customers since there are now more countries to sell in. The availability of cheap labor can help us reduce our costs. The reduction of trade barriers makes it easier and cheaper to import products into other countries for sale, without opening a plant there.
The disadvantages of globalization are the risk of losing proprietary technology, poor infrastructure, and different worker attitudes. The risk of losing proprietary technology occurs because some countries do not regulate the use of this technology. Poor infrastructure can cause problems regarding reliable transport of goods. Different worker attitudes can affect tardiness, absenteeism and productivity.