as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
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explain the impact of globalisation on the cost of living.
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globalization has had an overall positive effect on the cost of living. on one hand, it has increased competition for goods and services, resulting in lower prices for consumers. global trade has also increased the availability of goods, meaning consumers often have access to a wide variety of products that may not have previously been available. in addition, it has made it easier for firms to access low-cost labor and reduce their production costs. this has allowed them to either lower prices or reinvest their savings in increasing production and creating jobs, both of which benefit consumers.
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