Good Example Of Essay On Unemployment Rate Drops To 6.1 Percent

Summary

In July 3, 2014, ABC anchor Michelle Franzen reported a favorable drop in the US’s unemployment rate significantly dropping by 6.1% (ABC News). According to the report, this is a very favorable figure for the US following the creation of more than 288,000 jobs. This facilitated for a favorable impact to the economy. The US is very optimistic that this figure will still increase, and the nation will soon fully recover from the travesty of the recently concluded recession. Richard Davies, an ABC News business correspondent, reports that with the dawn of globalization and the promising growth of technology, it is not impossible that the United States will be capable of fully recovering from the effects of recession. Davies even furthers that globalization allowed for businesses to be diversified and with the help of a booming technological industry, the road to recovery is not a farfetched dream for the US.

Reflection

The book entitled International Business 9e: Competing in the Global Marketplace the author mentioned the role of technology in globalization. The author said that the technology assists organizations in reaching its full potentials. Similarly, the author also said that technology helps lower the trade barriers making trading and production not only theoretical possible but it also guarantees efficiency and productivity, which in effect can improve the nation’s economy (Hill). One avenue of technological advancement is allowing for prompt and delivery of information and the transfer of feedback more readily for approval.

Discussion

Globalization has opened the doors for many countries to participate in free trade which does not only limit the exchange of product and services, it also allows for the exchange of culture and traditions. Technology is the best tool to facilitate further globalization because it does not only allow for the most efficient way for the delivery of products and services, but it also minimizes if not totally eliminates the barriers to trade and expansion.

Works Cited

Hill, Charles. International Business 9e: Competing in the Global Marketplace. New York City: McGraw-Hill Higher Education, 2012. Print.