Explain Closure Or Bankruptcy Of Local Companies And Industries That C…
Explain Closure or bankruptcy of local companies and industries that cannot keep up with global competition
Answer:
Closure or bankruptcy of a local company or industry can occur when it is unable to compete effectively with global competitors. This can be due to a variety of factors, such as differences in costs of production, access to raw materials, access to capital, access to technology, or access to markets. In some cases, companies may struggle to compete because they are unable to adapt to changing market conditions or because they are unable to keep up with the pace of technological change. When a company or industry is unable to remain competitive and financially viable, it may be forced to close or declare bankruptcy. This can have significant consequences for the employees of the company, as well as for the local community and economy.
Explanation:
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