Final answer:
Explorers sought to circumnavigate the globe to discover new markets and trade routes during the Age of Discovery, with Spain completing the first known circumnavigation from 1520-1525.
Step-by-step explanation:
Explorers began attempting to circumnavigate the globe in search of new markets, following in the wake of the Age of Discovery. This era was characterized by European nations, such as Spain and Portugal, investing in voyages to discover new territories and establish trade routes. The Portuguese led these efforts in the early 1400s, finding a sea route to India and reaching the Americas. Notably, the Spanish completed the first known global circumnavigation between 1520-1525, which reinforced the competitive spirit between European powers vying for global influence.