Publisher's Synopsis
Cultural globalization refers to the transmission of ideas, meanings, and values around the world in such a way as to extend and intensify social relations. This process is marked by the common consumption of cultures that have been diffused by the Internet, popular culture media, and international travel. This has added to processes of commodity exchange and colonization which have a longer history of carrying cultural meaning around the globe. The circulation of cultures enables individuals to partake in extended social relations that cross national and regional borders. The creation and expansion of such social relations is not merely observed on a material level. Cultural globalization involves the formation of shared norms and knowledge with which people associate their individual and collective cultural identities. It brings increasing interconnectedness among different populations and cultures. Hence, I believe that any countries' cultures must have direct factor to infuence consumption market in nowadays socities.Economic problem - sometimes called the basic or central economic problem - asserts that an economy's finite resources are insufficient to satisfy all human wants and needs. Economics involves the study of how to allocate resources in conditions of scarcity However, viewing economics as the study of how society allocates resources can lead to conflation of normative economic planning and empirical study of how economic agents operate in these conditions.In mainstream neoclassical economics, it is assumed that humans pursue their self-interest, and that the market mechanism best satisfies the various wants different individuals might have. These wants are often divided into individual wants (which depend on the individual's preferences and purchasing power parity) and collective wants (which are the wants of entire groups of people). Things such as food and clothing can be classified as either wants or needs, depending on what type and how often a good is requested. However, economists have sometimes characterized "how" to produce as a "technological problem" of efficiency whereas the allocation of what is produced is an "economic problem". In a free market, the "how" of production and allocation of resources is distributed among economic agents. In a centrally planned economy, a principal decides how and what to produce on behalf of agents. Modern economies are often welfare capitalist with various regulations, which makes the economic system more equitable while retaining the distributed free market system. Due to human wants are unlimited, an infinite series of human wants remains continue with human life. Nobody can claim that all of his wants have been satisfied and he has no need to satisfy any further want. Everybody feels hunger at a time then other he needs water. Sometime one feels the desire of clothing then starts to feel the desire of having good conveyance. When all existing wants are satisfied then new wants starts to create in mind, so the series of wants remains continue till the last moment of life. So an economic problem arises because of existence of unlimited human wants. ⦁Problem of allocation of resourcesThe problem of allocation of resources arises due to the scarcity of resources, and refers to the question of which wants should be satisfied and which should be left unsatisfied. In other words, what to produce and how much to produce. More production of a good implies more resources required for the production of that good, and resources are scarce. These two facts together mean that, if a society decides to increase production of some good, it has to withdraw some resources from the production of other goods. In other words, more production of a desired commodity can be made possible only by reducing the quantity of resources used in the production of other goods.
