The correct option is 2 only
Explanation
Globalisation involves the integration of the domestic economy with the global economy, facilitating the free flow of trade, capital, and technology. While it enhances overall economic efficiency, its impact on the "Standard of Living" varies significantly across different economic agents (consumers, workers) and sectors (organised vs. unorganised).
Statement 1 is Incorrect:
Globalisation has intensified competition among producers, leading to improved product quality, greater variety, and lower prices. This has primarily benefited well-off consumers in urban areas, who possess the purchasing power to access these goods and services. Consequently, their standard of living has improved significantly compared to the pre-globalisation era.
Statement 2 is Correct:
The benefits of globalisation have not been uniform across the workforce. While skilled professionals in the organised sector have seen income growth, workers in the unorganised sector often face job insecurity. To compete globally, employers increasingly rely on "flexible" labor practices, leading to temporary employment, lower wages, and reduced social security for unorganised workers.
Statement 3 is Incorrect:
The availability of greater choice and lower prices increases the real income (purchasing power) of consumers. This allows them to consume more or better-quality goods for the same amount of money, which positively impacts their standard of living. The statement incorrectly claims a negative impact.
Key Takeaway:
Globalisation generally improves the standard of living for consumers (via choice and price) and skilled labor but often creates vulnerability for small producers and workers in the unorganised sector due to market volatility and labor flexibility.