QUIZ 1 - IBAT

refers to the increasing interconnectedness of countries through trade,

investment, technology, culture, and labor.

Goods and services are being bought and sold across borders.

Companies invest in other countries (e.g., building factories or buying

businesses).

Innovations and knowledge are shared globally at a faster pace.

People move from one country to another for work or better opportunities.

Countries around the world are becoming more connected in terms of trade, investment, technology and information, and labor.

Nations now rely on each other more than ever before. For example:
A country may depend on another for raw materials.

• A business in one country might outsource jobs or services to another.

• A global economic crisis (like a recession) in one major country can affect many others.

Two types of Globalization

refers to the process of integrating and unifying consumer markets

across the world. It involves selling the same or similar products and services to customers in

different countries.

refers to the process of sourcing goods, services, and labor from

various countries to take advantage of differences in cost and quality. Companies spread parts

of their production process across the globe to reduce expenses and improve efficiency.