Which of the following best describes the term 'globalization' in the business context?
Practice Questions
1 question
Q1
Which of the following best describes the term 'globalization' in the business context?
The process of expanding a business within a local market
The integration of markets, trade, and investments across the world
The establishment of monopolies in local markets
The reduction of international trade barriers
Globalization refers to the integration of markets and economies across the globe, impacting business operations.
Questions & Step-by-step Solutions
1 item
Q
Q: Which of the following best describes the term 'globalization' in the business context?
Solution: Globalization refers to the integration of markets and economies across the globe, impacting business operations.
Steps: 4
Step 1: Understand that globalization is about connecting different countries and their economies.
Step 2: Recognize that businesses operate in a global market, meaning they can sell products and services worldwide.
Step 3: Realize that globalization affects how companies do business, including sourcing materials, hiring employees, and selling to customers in different countries.
Step 4: Conclude that globalization leads to more competition and opportunities for businesses to grow internationally.
