Question 1: The world is growing smaller. How have improvements in transportation and communication affected international trade?
Answer: The world is indeed growing smaller. In a digital word, the distance is shrinking. This has brought benefits to many industries and phases of lives and profession, especially in the trade and commerce sector. The fact is even truer when the perspective is international trade and commerce. Improvements in transportation and communication have blessed the international business. Traditionally, many perspectives of international business were unimaginable and impossible due to the lack of advancement in the transportation and communication factor. Now a day things have reversed. The location of the plant is less important now, if it is blessed with good transportation and communication channels. The communication across different countries has become very fast, secure and easy that it takes almost no time for information to pass through. This has boosted up international trade and commerce. Previously international trade was thought of as the luxury of some powerful countries. This monopoly benefit is being nonexistent due to improved transportation and communication facilities. So developing and even in some cases undeveloped countries are also getting the possibility to enter in the international trade and business and sometimes cause potential threats to the uphold esteem countries. Typically there were strong economic powers defined across the continents. Due to rapid advancements those maps are also being changed. Japan is being challenged by china as a economic superpower while India is suppressing itself in every possible ways in the international business to grab a strong hold. Besides, the countries those are being entering in international business will eventually become industry giants one day and will create lot of competition and changing in the economic superpower scenario of the world. Different countries with huge...