Final answer:
The three primary ways a product can be sold globally are product extension, product adaptation, and product invention. These methods allow for economies of scale and competition, contributing to the global marketplace from which we receive a wide array of products. Option A is correct..
Step-by-step explanation:
The three primary ways a product can be sold globally are product extension, product adaptation, and product invention. Product extension involves selling the same product in international markets without any modification. Product adaptation requires modifying a product to meet local needs or preferences in different markets. Lastly, product invention involves creating entirely new products to meet the specific demands of a global market.
International trade enables small economies to benefit from economies of scale by selling to a larger market beyond their domestic borders. This creates an opportunity for these economies to produce goods more efficiently and at lower costs, while also taking advantage of a wider competitive landscape and offering consumers a greater variety of products. Overall, the integration of economies through global trade contributes to economic growth by allowing countries to focus on producing goods where they have a comparative advantage. We indeed live in a global marketplace where the evidence of international trade is ubiquitous in everyday products and services. Many of the items we use on a daily basis, from clothing to electronics, are imported from different countries, signifying the depth of globalization. The ratio of exports to GDP as presented by The World Bank gives an indication of the extent to which a country's economic production is intertwined with global trade.