ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Globalization refers to the spread of the flow of financial products, goods, technology, information, and jobs across national borders and cultures. In economic terms, it describes an interdependence of nations around the globe fostered through free trade.

Detailed explanation-2: -Global Interconnectedness refers to the ability to understand and function in an increasingly multicultural, international, yet interconnected environment. It fosters the development of individuals to become successful professionals, civic leaders, and informed citizens in a diverse national and global society.

Detailed explanation-3: -Globalization boosts technological development First, globalization allows countries to gain easier access to foreign knowledge. Second, it enhances international competition-including as a result of the rise of emerging market firms-and this strengthens firms’ incentives to innovate and adopt foreign technologies.

Detailed explanation-4: -In addition, the United Nations identified three mega-trends related to globalization: shifts in production and labor markets, rapid advances in technology, and climate change.

Detailed explanation-5: -Globalization is a term used to describe how trade and technology have made the world into a more connected and interdependent place. Globalization also captures in its scope the economic and social changes that have come about as a result.