In 100 words or more reply to statement below about Globalization
Globalization is the shift toward a more integrated and interdependent world economy. There are many sides to globalization including globalization of markets, and globalization of production. Globalization of markets is bringing together historically distinct and national markets into one big global marketplace. A good example that comes to mind would be major fast food chains like McDonald’s. McDonald’s are all over the world and the menus vary based on what part of the world they are in. Another type of globalization is globalization of production. This is the sourcing of goods and services from locations around the globe. Businesses do this in hopes to improve the quality and functionality of their product. A good example of globalization of production would be a restaurant importing certain goods in from another county because it is cheaper and saves money.
Hill, C. W., & Hult, G. T. (2017). International business: competing in the global marketplace. New York, NY: McGraw-Hill Education.