GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Economic transactions that are made between countries
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The exchange of goods and services among individuals and businesses in multiple countries
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The process of interaction and integration among people, companies, and governments worldwide
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A change in global or regional climate patterns
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Detailed explanation-1: -Globalization is primarily an economic process of interaction and integration that is associated with social and cultural aspects. However, disputes and international diplomacy are also large parts of the history of globalization, and of modern globalization.
Detailed explanation-2: -Globalization is a process of interaction and integration among the people, companies, and governments of different nations, a process driven by international trade and investment. This process has effects on the environment, culture, political systems, and on economic development.
Detailed explanation-3: -Economic “globalization” is a historical process, the result of human innovation and technological progress. It refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders.
Detailed explanation-4: -Martin Albrow and Elizabeth King, sociologists, define globalization as “all those processes by which the peoples of the world are incorporated into a single world society8.
Detailed explanation-5: -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.