Final answer:
Globalization is the worldwide interdependence of resource flows, product markets, and business competition that characterize our economy. It involves the merging of regional economies and market liberalization.
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 merging of regional economies in which nations become dependent on each other for goods and services. Globalization calls for market liberalization and decreases government participation in the economy, allowing the market to regulate the movement of capital, labor, goods, and services across borders.