How are the various factors of production affected by global
competition? Do we manage people any differently in a
globally competitive environment?
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Answer Posted / Satya Nand Mishra
Global competition affects factors of production as follows: (1) Labor - Companies often seek lower labor costs, leading to outsourcing or offshoring. (2) Land and natural resources - Globalization increases the demand for raw materials, potentially driving up prices or depleting finite resources. (3) Capital - In a global market, businesses have access to various funding options and must make strategic decisions about investment in technology, infrastructure, and research and development. As for managing people in a globally competitive environment, it's essential to foster cultural sensitivity, adaptability, and global teamwork among employees.
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