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Describe a cost and a benefit of globalisation for the UK. (5 marks)

Globalisation is the process in which economies have become increasingly interconnected and interdependent.One benefit of globalisation for Uk consumers is the availability of a larger and cheaper range of imported goods and services. Therefore consumers will have a larger purchasing power parity due to the lower prices and consequently have a higher standard of living.On the other hand, a cost of globalisation may be the increased competition in the UK economy. Some Uk businesses may not be able to compete with foreign imports due to a higher domestic cost of production which may consequently lead to structural unemployment.



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