Final answer:
Globalization refers to the process of integrating governments, cultures, and financial markets through international trade into a single world market. It has both benefits and drawbacks and has had a significant impact on the economy over the past decade.
Step-by-step explanation:
Globalization refers to the process of integrating governments, cultures, and financial markets through international trade into a single world market. It involves the interconnectedness of societies and economies throughout the world as a result of trade, technology, and the adoption and sharing of various aspects of culture.
Globalization has both benefits and drawbacks. On one hand, it can lead to market expansion and increased access to resources, healthcare, and technology. On the other hand, it may give too much power to multinational corporations and create economic inequality.
Over the past decade, globalization has had a significant impact on the economy. It has facilitated the growth of international trade and investment, allowing businesses to expand their markets globally. However, it has also resulted in the outsourcing of jobs, economic instability, and increased competition.