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Asked by Kirsten Landsverk on Jun 22, 2024

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What has been the effect of open markets and globalization on U.S. domestic business markets?

Open Markets

Economic systems or environments characterized by free trade, with minimal governmental restrictions on business operations and transactions.

Globalization

Refers to the process of deeper integration and interaction among people, companies, and governments worldwide, primarily due to advances in communication and trade.

Domestic Business Markets

Markets within a country's borders where goods and services are bought and sold.

  • Understand the effects of globalization on management strategies and HR policies.
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Daniel CantuJun 26, 2024
Final Answer :
An open market means that U.S. domestic firms face fierce competition in the United States from foreign firms. The intense pressure from foreign competitors threatens to put some domestic producers out of business.

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