question_answer

?Globalization and greater competition among producers has been advantageous to consumers.? Support the statement with examples.

Answer:

Globalization and greater competition among producers-both local and foreign, has been of advantage to consumers in the following ways

(i) Companies have invested in new technologies to raise their production quality to compete with the MNCs, thus, ensuring that consumers get better quality products and get satisfied.

(ii) Indian companies has collaborated with MNCs to produce more functional and advanced products, thus, benefitting the consumers.

(iii) Consumer can enjoy improved quality at lower prices for several products. This has led to higher standard of living.

(iv) There is great choice available to the consumers in goods.

(v) The quality of goods has been improved.

(vi) Due to competition the prices of various products has decreased.