Final answer:
Globalization is the term that most broadly encompasses the phenomenon of reciprocal business interactions between parties in different countries. It includes international trade, foreign direct investment, and the influence of multinational corporations on global economic dynamics.
Step-by-step explanation:
The most general term for the global phenomenon involving reciprocal business interactions between parties in various countries is known as globalization. Globalization is the expanding cultural, political, and economic connections between people around the world. It encompasses increased buying and selling of goods, services, and assets across national borders, which is also referred to as international trade. This trend has been growing over recent decades and signifies the integration of governments, cultures, and financial markets into a single world market.
While globalization is characterized by international trade, it is also associated with other phenomena such as foreign direct investment (FDI) and the spread of multinational corporations (MNCs). These corporations, such as Walmart and McDonald's, operate on a global scale and interact with multiple economies, often using labor and resources from different countries to sell products and services worldwide.