Draw two(2) conclusions about the impact of economic globalization to you 

and to Philippine
economy based on the data that you have collected.

Household Item Country GDP

1.Television Malaysia 13,000
2.Dura Box Australia 8,000
3.Cooking Utensils America 5,500
4.Furniture Philippines 50,000
5.Refrigerator USA 24,000
Clothing Item
1. T shirt America 450
2. Jacket Philippines 250
3. Dress France 500
4. Pants Australia 1,399
5. Pajama India 150
 

Conclusion 1  :  Most of the items that I have, represents the seven different countries, which
are Malaysia, Australia, America, USA, France, India and Philippines, most of my items are
from foreign country, The impact of economic globalization based on the data that I have
collected is that it helps us in increasing our choices in buying clothes and household items, it
improves our lives by bringing those items that are not made by our country. We also get
cheap affordable imported clothing, cooking utensils etc. that would be much more expensive
if produced domestically. In today’s global economy, consumers are used to seeing
products from every corner of the world in their local stores and retail shops. These
overseas products or imports provide more choices to consumers. And because they
are usually manufactured more cheaply than any domestically-produced equivalent,
imports help consumers manage their strained household budgets.

Conclusion 2  : No one country has all the necessary resources or capacity to satisfy the need
of their own people. However, by developing their domestic resources, other country can
produce surplus and trade them for the surplus products of other countries that they need.
The impact of economic globalization to the Philippine economy based on the data that i have
collected is that the globalization has a negatively affected the country”s economic growth,
because on my data above most of the items that i buy are imported to the philippines.
According to Investopedia When a country is importing goods, this represents an outflow
of funds from that country. And When there are too many imports coming into a country
in relation to its exports—which are products shipped from that country to a foreign
destination—it can distort a nation’s balance of trade and devalue its currency.