ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The increased flow of trade, people, technology, and culture among countries.
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The decreased flow of trade, people, technology, and culture among countries.
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The creation of one global empire and government under a single super power.
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The creation of a global cellular network to use phones internationally.
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Detailed explanation-1: -Globalization, or globalisation as it is known in some parts of the world, is driven by the convergence of cultural and economic systems. This convergence promotes–and in some cases necessitates–increased interaction, integration and interdependence among nations.
Detailed explanation-2: -Globalization is the word used to describe the growing interdependence of the world’s economies, cultures, and populations, brought about by cross-border trade in goods and services, technology, and flows of investment, people, and information.
Detailed explanation-3: -In 2000, the International Monetary Fund (IMF) identified four basic aspects of globalization: trade and transactions, capital and investment movements, migration and movement of people, and the dissemination of knowledge.
Detailed explanation-4: -In simple terms, globalization is the process by which people and goods move easily across borders. Principally, it’s an economic concept – the integration of markets, trade and investments with few barriers to slow the flow of products and services between nations.
Detailed explanation-5: -Answer: Globalisation is defined as the integration between countries through foreign trade and foreign investments by multinational corporations (MNCs).