In Economic terms, Globalization is the process of rapid ______ between countries.
Integration
Globalization: Economic Integration Process
Globalization, in economic terms, refers to the increasing interconnectedness and interdependence of world economies.
Reasoning for Integration
The process is best described as rapid integration between countries.
- Globalization involves the increasing flow of goods, services, capital, technology, and people across national borders.
- This increased interaction leads to economies becoming more intertwined, which is the essence of economic integration.
Evaluating Other Options
- Competition: While globalization often increases competition, competition itself is not the primary definition of the process.
- Investment: Foreign direct investment is a key component and facilitator of globalization, but it doesn't encompass the entire process.
- Change: This term is too broad and non-specific. While globalization causes change, "change" doesn't capture the specific nature of the process.
Therefore, integration most accurately describes the core economic process of globalization.
Similar Questions
When goods are produced by exploiting natural resources, it is an activity associated with:
A system in which local farmers were allowed to cultivate temporarily within a plantation is known as:
Which goods from India dominated the international textile markets before the age of mechanized industries?
Which type of farming is practiced in areas of high population pressure on land?
The major economic attribute for comparing countries is their:
India’s GDP growth in 2017 was:
Belief in the primary importance of the self, the virtues of self-reliance and personal independence is referred to as _______ in Economics.
Important Questions from Economy
The Five Year Plan was first launched in
Which of the following was/were the feature(s) of Lenin’s New Economic Policy (NEP) for the Soviet Union?
1) Private retail trading was strictly forbidden
2) Private enterprise was strictly forbidden
3) Peasants were not allowed to sell their surplus
4) To secure liquid capital, concessions were allowed to foreign capitalists, but the State retained the option of purchasing the product of such concerns
Select the correct answer using the code given below:
Which one of the following was set as a target of average growth of GDP of India over the plan period 2012-2017 by the Approach Paper to the Twelfth Five year Plan?
In ________ economies, all productive resources are owned and controlled by the government.
Private ownership of the means of production is a feature of a _______ economy.
