Final answer:
The globalization of markets describes the trend of increasingly cross-border trade in goods and services, magnified through advancements in technology and resulting in heightened global competition.
Step-by-step explanation:
The globalization of markets is a phenomenon describing the trend in which the buying and selling of goods and services have increasingly crossed national borders, transforming local markets into global ones. This process has been accelerated by advancements in technology, especially through the development of the internet, which has allowed consumers and businesses to engage in transactions worldwide. The goods and services market is an arena where firms emerge as sellers of the products they create, and households act as buyers. Over time, this integration has increased competition for local retailers and expanded the business-to-business sector, as suppliers and buyers can now connect globally.