Discuss the characteristics of globalization. Use an example in your discussion.
What will be an ideal response?
Ans: Globalization refers to shift to a more integrated and interdependent world economy. Globalization of markets refers to the merging of historically separate and distinct national markets into one huge global marketplace. Decreasing barriers to cross-border trade and investment have made it easier to sell products internationally. This has resulted in the preferences of consumers from different nations to converge into global norms for product. This has helped create a global economy. An example would be an American company buying hats from China, because they have the best competitive advantage and can make hats for the cheapest price.
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