Question

Apply 5G example to the open economy model

Answer 1

5G is a technology that is developed to connect people, machines, and other devices virtually. 5G is the fastest internet speed we have and will benefit all the economic models. To be specific, let’s take an example of 5G in an open economic model.
An open economic model is an economy in which business organizations trade with each other freely without any trade barriers. 5G technology in an open economy will prove to be successful. It will connect the people of different countries; it will connect the business organizations of different countries virtually. It will increase jobs in the IT industry. Countries will be able to trade faster with each other with the help of online transactions that will be much faster in 5G. The open economy and the business organizations operating in it will be benefitted form 5G technology in many other ways.