Which of the following correctly describes globalization
the integration of people, companies, and nations due to expanding trade and communication
1. Globalization is the process of integration among individuals, businesses, and governments.
2. A business increases its production of widgets, and the cost of producing each widget decreases.
3. Small businesses are unable to specialize to the degree that larger firms are able to.
4. It opens the country's markets to international importing and exporting.
5. The nation will attempt to stabilize its economy by establishing various monetary and fiscal policies, reducing market volatility and stimulating economic growth.
1. Globalization is the process of integration among individuals, businesses, and governments.
To determine which of the following options correctly describes globalization, we first need to understand what globalization means.
Globalization refers to the increasing interconnectivity and interdependence of countries and people across the world. It involves the exchange of goods, services, information, technology, and ideas between different nations, resulting in a globalized world economy and culture.
Now, could you please provide me with the options you have so that I can help you determine which one correctly describes globalization?