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- Identify the real world problem depicted in the image and provide a brief overview of its importance
- Identify and carefully outline the economic explanation for why the real world problem occurs
- Identify (2) two policies that the government can use to address the economic problem that you have identified and explain how they would each work. Use appropriate diagrams to support your economic arguments.
1. Identification of the real world problem depicted in the image 1
The globalization introduced new trend of economic development in the developing countries as well as developed countries by involving the unconventional and general information technology in internet users in the Global business oriented loop. The technology based development and Rapid advancements including the introduction of digital technology has really helped the businesses and enterprises trade services and even the product from one place to other more convenient. The companies focused on developing business oriented square which includes shifting the labor intensive actions and steps to specific parts of the world which offer cheap labor as compared to the developed countries. The advanced form of networking helps the business entities to retain their business-oriented communication in a more robust and dynamic manner. Despite all these positive aspects of globalization and its economic part, there are some limitations with regards to the adoption of the globalization. The most important limitation which is associated with globalization is the lack of capacity of a large number of businesses and their owners with regards to the adaptability of Technology on a repeat basis. The lack of capacity in the business entities and associated business groups adversely affect their performance as they are not able to compete with the ones which are able to adopt the technology on a rapid basis (Holland, 2018).
2. Identification of the economic explanation for why the real world problem occurs
Economic globalization has introduced the concept of acquiring automation specific models among the Enterprises of developing countries in order to remain within the competition. It’s a serious problem for doors technological organizations in the developing country which cannot compete with the technology proficient Enterprises and organizations. This becomes a potential cause of creating a gap between businesses and ultimately affects the profitability margins of different organizations. The underdeveloped countries have to further offer cheap labor rates for getting attention from the Global trading Agencies and manufacturers in order to consider them to perform their labor intensive operations. This becomes a potential source of huge gap between labor rate offered in the developed countries and underdeveloped countries pushing the communities living in poverty two or more challenging economic environment (Atkinson & Stiglitz, 2015).
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