As new technology has served to “shrink” time and distance over the pa

QUESTION

As new technology has served to “shrink” time and distance over the past 150 years, what three major developments have occurred in terms of the world economy?

What will be an ideal response?

ANSWER

Answer:
1. development of the global marketplace and e-commerce
2. consolidation of many national markets into one big world market
3. development of huge firms and quick, Internet-enabled small firms
Explanation: These three important developments reflect the spread of globalization, the increasing connectivity and interdependence of the world’s economies.