Consumers

• What has increased consumer choice in recent years?

  A wider range of goods globally
• How can comparative advantage affect prices?

  It can lead to lower prices through production in low-cost countries
• What is an example of a factor that can lead to lower production costs?

  Low labour costs in other countries
• What can cause a rise in prices despite global competition?

  Rising incomes leading to higher demand
• What do many consumers worry about regarding globalization?

  The loss of culture
• What are the effects of globalization on consumer choice and prices?

  • Increased consumer choice due to global goods
  • Potential for lower prices from comparative advantage
  • Rising prices from increased demand due to higher incomes
  • Concerns about cultural loss among consumers