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Word Count: 713
Global economy is defined as the interconnection of the economies of politically independent countries in trade transfers of capitol labor production and distribution The global economy has emerged for the most part in the last fifty years since World War II Undoubtedly the global economy is here to stay several factors have contributed to this Less than fifteen years ago no one had heard of wwwwhatevernet Most people now know that www stands for World Wide Web This descriptive term itself indicates how globalization has affected all aspects of our economy All continents can now be interconnected by a web that weaves throughout the whole wide world Information can be transferred instantaneously Transportation is easier thus allowing barriers to be broken down and means of production and management have also improved Poor communication can be one of the greatest barriers to having a good relationship Live video communication e-mail fax machines and other electronic devices have helped to eliminate slow or mis - communication between businesses on opposite end of the world Consequently business relationships have emerged that would have been difficult if not impossible to have had just a few decades ago Physical distance has also become almost a non-issue Planes fly from continent to continent allowing one to be nearly anywhere in less than a day Products and goods are easier than ever to deliver Trade has become internationalized and a customer in China should have no problem purchasing an item made in the USA Not only can goods be purchased from every corner of the world goods can be produced nearly anywhere Factories can be set up in parts of the world where labor costs are low thus cutting the cost of the good to the consumer Although most consumers would prefer to pay a cheaper price for a product in the long run the cost is much higher than the dollar-amount paid If local jobs are scarce and money is tight
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