The world today is increasingly going towards becoming a global village. Globalization has some good impacts on the world while some negative ones in some sectors for example business. It increases the competition from the national level to an international level where competitors from all over the world enter the market thus making the market regarding any product or service to become highly competitive. Global outsourcing has been a key element that has come into play with globalization and although it is a threat, one cannot deny its necessity.

Globalization has brought forward many problems to deal with in an organization. One such problem is the entrance of Asian organizations which have access to cheap labor and thus are able to introduce cheaper products yet with high quality. In practical this is seen in the case of Japan, who in a small time frame has successfully produced low-priced yet high quality products as compare

Import duties and import and export licenses are all forms of trade barriers. Trade barrier is basically any policy formulated by the government or any government regulation which in effect causes restrictions in international trade. Tariffs, quotas and subsidies are more forms of trade barriers and non-Tariff barrier is a type of trade barrier that is not in the usual form of tariff (Wikipedia). Trade barriers tend to raise the cost price of the product and eventually that gives rise to the market price. This is not beneficial to the consumers but it beneficial at times to the local producers. If the import duty is really high then that would bring a significant rise in the product being imported into a country. To explain it in simpler terms; if China produces product "A" at a much lower cost price than our organization, high import duties can increase the market price of the product at a higher price than our locally produced product. This would then cause the consumers to opt for a locally produced product rather than the Asian counterpart. However, generally trade barriers decrease overall economic efficiency. Barriers like quotas are put in importing goods and it limits the quantity of goods that can be imported. This is important in cases where it is feared that trade without this barrier would lead to increased import than export which would affect the overall economy. Tariffs also reduce the amount of goods imported due to the taxes on the goods. If the tariff is high then importing goods would be avoided and domestically produced goods will be used.

The risks with business opportunities that arise due to globalization are to be reduced or eliminated if an organization wants to prevent its failure and shutdown. When the arena includes competition from all around the globe, competition reaches a completely new level and risk factors increase. Asian markets have an edge over the western markets in terms of cheap labor and thus their products released in the international market are cheaper yet of a high quality. To overcome these problem areas, an organization is to adopt and grasp methods by which they can enable themselves to remain in business. Organizations should include technological advancements within their structures. They should also make use of outsourcing to gain maximum benefit from the che

Some common words found in the essay are:
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Approximate Word count = 1569
Approximate Pages = 6 (250 words per page double spaced)