ENTREPRENEURSHIP

Detailed explanation-1: -The world’s population continues to grow, reaching 7.8 billion by mid-2020, rising from 7 billion in 2010, 6 billion in 1998, and 5 billion in 1986. The average annual growth rate was around 1.1% in 2015–2020, which steadily decreased after it peaked at 2.3% in the late 1960s.

Detailed explanation-2: -Four powerful forces are transforming the global economy-accelerating technological change, urbanization in the developing world, aging, and a new kind of globalization.

Detailed explanation-3: -Rising population and increase in demand: With the increase in size of population of a country consumption demand increases leading to increases leading to increased scale of production and diversification of production pattern to meet such demand.

Detailed explanation-4: -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.