Question: Which of the following best describes the term \'globalization\' in the business context?

Options:

1. The process of expanding a business within a local market
2. The integration of markets, trade, and investments across the world
3. The establishment of monopolies in local markets
4. The reduction of international trade barriers

Correct Answer: The integration of markets, trade, and investments across the world

Solution:

Globalization refers to the integration of markets and economies across the globe, impacting business operations.