Final answer:
The term for producing products domestically and selling them abroad is exporting. Exporting is a crucial component of international trade and contributes to a country's GDP. The World Bank uses the ratio of exports divided by GDP to measure a country's globalization level.
Step-by-step explanation:
The term for producing products domestically and selling them abroad is exporting. This is one of the key strategies for reaching global markets. Exporting involves a company producing goods or services within its own country and then selling them to customers in foreign countries. This form of international trade is critical for economies as it can greatly contribute to a country's gross domestic product (GDP). On the other hand, importing pertains to bringing in goods and services from foreign countries to be sold domestically.
The ratio of exports divided by GDP, as shown by The World Bank data, provides an insight into the extent of a country's economic production being globalized. The greater the ratio, the more significant the role that globalization plays in that country's economy. This international trend indicates that buying and selling in markets are increasingly crossing national borders, integrating different economies of the world.