Question

What do you understand by Globalisation? Explain in your own words.​

Answer 1

Answer:

Globalisation means integrating the economy of a country with the economies of other countries under conditions of free flow of trade, capital and movement of persons across borders. It includes

(i) Increase in foreign trade

(ii) Export and import of techniques of production.

(iii) Flow of capital and finance from one country to another

(iv) Migration of people from one country to another.

Explanation:

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Answer 2

Answer:

The importance of defining globalisation makes you know the economic climate around you. To open your eyes and see that national economies are just a drop in the ocean but the world is interconnected. You understand the economy is larger than one country but capital and goods flow internationally.

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