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'The internet and globalisation have greatly increased the power that companies hold around the world.' Adapted from www.governmenteuropa.eu (i) What is meant by the term globalisation? (ii) State one way Ireland benefits from globalisation. - Junior Cycle Business Studies - Question c - 2019
Question c
'The internet and globalisation have greatly increased the power that companies hold around the world.' Adapted from www.governmenteuropa.eu (i) What is meant by t... show full transcript
Worked Solution & Example Answer:'The internet and globalisation have greatly increased the power that companies hold around the world.' Adapted from www.governmenteuropa.eu (i) What is meant by the term globalisation? (ii) State one way Ireland benefits from globalisation. - Junior Cycle Business Studies - Question c - 2019
Step 1
What is meant by the term globalisation?
Answer
Globalisation refers to the process through which the world becomes more interconnected due to increased trade and cultural exchange. It emphasizes the notion of viewing the world as a single market where goods, services, ideas, and people move across borders with greater ease.
Step 2
State one way Ireland benefits from globalisation.
Answer
Ireland benefits from globalisation by experiencing greater choice of goods and services. This is augmented through foreign trade, which generates revenue from the sale of Irish products abroad. Additionally, Foreign Direct Investment leads to the establishment of multinational companies in Ireland, thereby creating employment opportunities in local areas.