Question
How have our markets been transformed in recent years? Explain with examples.
Solution
Markets have transformed in the following ways:
(i) The goods and services are produced globally as a result, production is organised in increasingly complex ways.
(ii) Production is widely dispersed location is getting interlinked.
(iii) Foreign trade have resulted in connecting the markets or integration of markets in different countries.
(iv) More and more goods and services, investments and technology are moving between countries.
(v) Technology has made much faster delivery of goods across long distances possible at lower costs.
