Technology's Impact On The Global Market

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Technology has had a remarkable impact upon the globalization of markets. It has enhanced various areas of business, such as efficiency in transportation, production, and communication. Therefore, as continual enhancements are made, the world becomes interconnected thus allowing firms and individuals to reach more markets than ever.
Technology has impacted the global markets by increasing capital mobility and interconnecting companies with customers and regulators. It has also facilitated production, as well as eased the research and design process. Further, advances in telecommunication infrastructure and gadgets has resulted into a shift from local to global market economies thereby creating opportunities for increased business partnerships, …show more content…

Business leaders in different countries can share ideas, thoughts, and information thus reaching more customers and suppliers. Through technology, trade transactions have increased due to the quick pace and ease with which transactions are made across different markets.
The advancement of technology through telecommunications and microprocessors increased the amount of information that could be conveyed across markets. It also lowered the cost of sending the information, for example, through internet communication platforms, thus increasing connectivity. Changes in technology eased the merging of markets and increased the opportunities for businesses. As such, through technology, firms can collect updated data to monitor overseas markets and trends.
Technology has improved labor productivity. The expansion of global markets due to interconnectivity and new technologies has improved labor productivity as companies outsource labor to other markets with cheaper, for example, China and India. Companies, such as Apple outsource labor for its product components to companies in China thus allowing employees in its US firms to concentrate on its core competencies.
Explain how the Internet affects international business activity and the globalization of the world

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