Globalisation is a process whereby people, ideas and their activities get interconnected or integrated.
The key factors of globalisation
Transportation
Transportation is how you transfer people, materials and products from one place to another. It has enhanced mobility, and making it easier to commute people from point to point.
Communication
Communication is fast becoming more convenient. Able to communicate via telephones, fax, electronic mail and video conferences. Satellite technology has enabled information to be transmitted worldwide simultaneously. Optical fibre system can hold a large capacity and can transmit information at a very hight speed. Communications like internet, allows people to access informatong on products and places- they can now pay bills via the web and also buy products in internet catalogues.
Transnational Corporations(TNCs)
Transnational corporations are large global firms that operate in a number of countries. TNCs have production or service facilities outside the country of origin. TNCs set up production on different parts of the world because they constantly source for new markets, and also, it lowers production expense as source for components from different part of the world and assembling it in another country, in which the production will be controlled and coordinated by headquarters.
These factors made globalisation possible because it has enable faster movement of goods, services and people. Internet informations and communications technology facilitate the flow of information. TNCs have the wealth and expertise to tap sources adn natural materials from around the world to further their profits and expand their markets share.
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