Answers :

2) globalization has a big impact to the economy as it is a trend towards a more integrated global
economic system. Small firms must realise the importance of worldwide business. Therefore,
individuals who rather work in small firms may face difficulties as there are lack of advantages being
in a small firm. Thus, small firms should expand their business worldwide or internationally as the
technology around us advancing so they can communicate throughout the world. By doing this, they
can realize the importance of international business for their own good.

3) changes in technology contributed towards the globalization of markets and of production by

having the Internet located all over the world. The internet can provide all the information that is
needed by a market place. Besides, transportation now is advancing that enable the firms to market
their product globally. It will be much faster and it is low in cost. Thus, we can say that technological
changes would really effect the globalization in much better way.

4) international business is not the same as domestic business. international business engaged in
economic transaction with several countries in the world meanwhile domestic business is conducted
within the geographical boundaries of the country. International business may face different
cultures, multiple currencies, different laws, different languages and many more. Thus, it is a
necessary for international business firms to observes on a country by country basis. Handling an
international business is much more difficult than handling domestic firm as they are a lot of barrier
in international business.

5) the internet affects the international business and the globalization of the world economy
because the existence of the internet has made easier for business to conduct in globally. Small firms
now can access the world economy easily with the help of the internet. Before the internet existed,
lots of firms especially small firms would not be able to expand their business worldwide. Moreover,
some countries can outsource to another country so they can lower cost and improve quality of their
products. Hence, with the globalization of the world economy, countries are now working together
to achieve the improvement of their productions.