Final answer:
Globalization is the process of integrating governments, cultures, and financial markets, which involves international trade and fosters worldwide connections. It includes economic, cultural, and technological developments that facilitate international cooperation and exchange. The term for this expansive process is 'globalization,' encompassing diffusion, migration, acculturation, and more.
Step-by-step explanation:
The process that incorporates a set of dynamics including diffusion, migration, and acculturation, which all contribute to changes in our interconnected world, is globalization. Globalization refers to the integration of governments, cultures, and financial markets through international trade into a single world market, which involves various efforts ranging from economic to cultural. It enables international trade and fosters interdependence between nations through a variety of mechanisms, including advancement in transportation and communication technology, trade and transactions, and the movement of capital, people, and knowledge.
One visible aspect of globalization is the way corporations operate internationally, utilizing labor and resources from multiple countries in order to supply goods and services to the global marketplace. Another aspect involves the interchange of cultural ideas and practices, which can lead to diffusion, where cultural elements or innovations spread from one area to another. This affects many aspects of life, including the economy, healthcare, and even the preservation and transformation of cultural identities within the global context.