Final answer:
Globalization refers to the interconnectedness of societies and economies worldwide through trade, technology, and cultural exchange, leading to a single world market.
Step-by-step explanation:
When people, ideas, and economic activities in previously relatively separated parts of the world become interconnected, this is known as globalization. Globalization is a process with a rich history of exploring, migrating, and trading, which creates networks connecting different parts of the planet and producing dependent economic relationships. In recent times, international trade and the operations of multinational corporations like Walmart, McDonald's, and Ford epitomize this interconnectedness as they use labor and resources from various countries to sell products and services in a global marketplace. Moreover, globalization is not limited to economic aspects; it encompasses the integration of governments, cultures, and financial markets, and often begins with a single motive that leads to a snowball effect, resulting in a single world market with mixed outcomes of economic, philanthropic, entrepreneurial, and cultural efforts.