Globalisation : Important definitions

Question 1

Globalisation

Answer 1

The process by which the world becomes increasingly interconnected due to trade, cultural exchange and information technology

Question 2

Global village conept

Answer 2

The concept that the world has increasingly interconnected due to better transport and communication so that it can be considered to be a single community.

Question 3

Economic globalization

Answer 3

Expansion of free movement of goods, trading services and financial services around the world

Question 4

Cultural globalization

Answer 4

Expansion of cultures, ideas, values and media around the world

Question 5

Political globalization

Answer 5

Expansion of political co-operation and interaction between countries

Question 6

Transnational corporation (TNC) / multinational corporation

Answer 6

A company which has factories and offices in several countries and is global because it operates across national boundaries.