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Economics Essays

Globalisation is the process in which economies have become increasingly interconnected and interdependent.One benefit of globalisation for Uk consumers is the availability of a larger and cheaper range of imported goods and services. Therefore consumers will have a larger purchasing power parity due to the lower prices and consequently have a higher standard of living.On the other hand, a cost of globalisation may be the increased competition in the UK economy. Some Uk businesses may not be able to compete with foreign imports due to a higher domestic cost of production which may consequently lead to structural unemployment.