Examples Of Price Discrimination In The Caribbean

1. Price discrimination is a system of charging different prices for the same good or service (Anonymous, n.d). Many businesses have to ability to charge prices for their products with their best interest though they may not be classified as monopolies. The makers operate in competitive markets and find that due to special cases their product may have discretion price over product pricing (Ruby, 2003).
There are three different types of price discrimination which are first, second and third degree. An example of first degree price discrimination is a mechanic for example where they charge the customer the maximum price that the individual is will to pay for the service. An example of second degree price discrimination is a utility company where the company is not able to differentiate between the different types of consumers. The company extracts some of the consumer’s surplus without knowing much about the individual consumer. An example of third degree price discrimination is a movie theater where the basis is around the idea that there are set prices that will

Globalization could be described as the mean of making connection with people from other countries to share things such as world views, products, communication and technology as well as ideas and other aspects of culture (Smith & Doyle, 2002).
Some drawbacks of globalization in the Caribbean are that other develop countries stifle the Caribbean countries with their own views and depression in one country in the Caribbean can affect other countries that may do trade with it.
Some benefits of globalization in the Caribbean are it opens new avenues for trade to larger and more developed countries, consumers have a wider variety of products from which to choose from, more competitive prices, companies get access to a wider market maybe in some developed country and it help for an alliance with other countries that may be good in times of need if one of the Caribbean countries falls into