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In a way that allows countries to freely share goods and services. This
means that countries can specialize in manufacturing products in which
they have a lower opportunity cost. Globalization allows goods or items
to be manufactured in various parts of the world. Consumers benefit
from lower average costs and lower rates as a result of greater
productivity. Increased levels of investment have also been created by
globalization. It has made it easier for countries to draw both short-term
and long-term capital. Multinational corporations may make a
significant contribution to developing countries' economic development.
b. How can you associate the Global Economy to your course of chosen field
The global economy has a major impact on the business sector and, as a
result, on accounting education. Through passing into the whole world's
accounting system. The Generally Accepted Accounting Principles
(GAAP) are known to be the general standards for accountants, but they
are constantly changing, which makes it difficult for students to keep up
with all of the changes. This is something that the international
accounting system places a lot of focus on, so improvements are
necessary. Since the processes are interconnected, both domestic and
international markets must adapt to various changes. To stay updated,
accounting students must research all of these topics. There have been
a number of recent changes, and since these economies are
interconnected, one shift in one country will affect the global financial
system, and accounting education, naturally, has some implications
from this context.