Answer: 1. It is the world economy which we think of as being globalized. We mean that the whole of the world is increasingly be having as though it were a part of a single market, with interdependent production, consuming similar goods, and responding to the same impulse.
2. Advantages-Globalization broadens our minds. We feel that we belong to one world and we are a part of one nation, namely, humankind.
Disadvantages-In a way, globalization has contributed towards increasing the gap between the rich and the poor. Rich and wealthy people are able to exercise more control over the national resources through the application of science and technology.
Answers & Comments
Answer: 1. It is the world economy which we think of as being globalized. We mean that the whole of the world is increasingly be having as though it were a part of a single market, with interdependent production, consuming similar goods, and responding to the same impulse.
2. Advantages-Globalization broadens our minds. We feel that we belong to one world and we are a part of one nation, namely, humankind.
Disadvantages-In a way, globalization has contributed towards increasing the gap between the rich and the poor. Rich and wealthy people are able to exercise more control over the national resources through the application of science and technology.
Explanation: