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FELM4026 Financial and Economic Literacy for Managers Solved

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Answer 1

a) Economic globalization refers to the integration of the nations across the world in terms of the product market and financial markets. When globalization occurs in an economy, the financial and output markets of the economy are opened to the international economic forum. It implies that people across the world can access the markets of that economy via international trade or investment channels. The consumers then have access to a wider variety of goods and services across the world. This expands their consumption basket and hence enhances their welfare. Consumers can also invest in foreign markets to acquire higher returns for their investment. As for the firms, they also have access to better factors of production including raw materials, capital, other inputs as well as labor because labor migration is facilitated via globalization. However, domestic firms will be exposed to foreign competition and will be compelled to increase their efficiency and productivity in order to continue to make profits under foreign competition. Thus globalization has both welfare-enhancing and adverse effects on consumers as well as firms (Mankiw, 2012).

b) The demand for a certain commodity depends on the price of that commodity as well as on other factors such as income of the consumer, the price of related commodities, tastes and preferences of the consumers, etc. If the price of a commodity changes, other factors remaining constant, the quantity demanded changes generally in the opposite direction given that it is a normal commodity. 

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