Question

By globalization, we mean, among other things, that ______?

1) a business can sell in a foreign country
2) a business can source materials from an overseas supplier
3) both A and B
4) neither A nor B

Answer 1

Globalization means a business can engage in international selling and sourcing, making option 3 the correct answer. It lies at the crossroads of technology advancement and the historical evolution of trade.

Step-by-step explanation:

By globalization, we mean that a business can engage in both selling in a foreign country and sourcing materials from an overseas supplier, hence the correct answer is 3) both A and B. Globalization refers to an integrated approach towards international trade and investment where borders become less significant. This trend has been greatly accelerated by advances in technology, particularly in communications, facilitating easier and faster transactions across the globe.

The advent of the internet and business-to-business platforms further signifies how globalization allows businesses to operate on a global scale, sourcing materials and selling goods worldwide. However, globalization has a complex economic and social impact, sometimes resulting in dislocation for industries reliant on local markets or traditional supply chains.