Globalization refers to a global ____ fostered by free trade in terms of economics.

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Detailed Solution

Globalization refers to a global interconnection fostered by free trade in terms of economics. Businesses benefit globally from a competitive advantage. Most crucially, manufacturing abroad enables businesses to reduce operational costs, buy raw materials more reasonably due to lower or abolished tariffs, and most critically, get access to millions of new consumers. Globalization has helped the economy by promoting cross-border commerce in goods, capital, and labor, among other things. However, not all countries or industries are seeing equal growth or employment creation.

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