What technological advances in telecommunications and transportation have influenced global business in the last decade? How have these technological advances affected regional economic development?
The advancements in telecommunication include the Internet and World Wide Web. The advancement of the microprocessor has increased the amount and speed of processing information. The microprocessor is also the key to the advancements in wireless, satellite, and fiber optics technology (Hill, 2009). As the microprocessor technology continues to develop, the cost continues to decrease. It has become more affordable and reliable to communicate via Internet, phone, or satellite.
Transportation technological advancements include commercial airlines and containerization (Hill, 2009). Commercial airlines make it possible for people to travel globally in a shorter amount of time. Containerization has decreased the amount of labor it takes to ship globally. Furthermore, containerization is more efficient and less expensive.
The technological advances have affected regional economic development by increasing competition. The reduced cost of communication and transportation means less developed countries can now enter the global market, and the United States’ world output decreases.
Hill, C. W. (2009). International business. Competing in the global marketplace (7th ed.). Boston, MA: McGraw-Hill.
Discuss how culture, language, and religion might influence the costs of doing business in a particular country. Support your statement with specific examples.
Countries have different cultures, religions, and different languages. Although the language for business is considered English, many people who speak English as a second language still encounter language barriers. Misunderstandings in communications can cause companies to lose money due to lost contracts or production problems. Furthermore, the translation from one language to...
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