Globalization, The process of increasing interconnectedness and interdependence between nations, people, and economies worldwide., Multinational corporations (MNCs), Companies that operate in multiple countries and have a global reach., Offshoring, The relocation of business operations or services to another country to take advantage of lower labor costs or other advantages., Supply chain, The network of businesses and individuals involved in the creation and delivery of a product or service., Protectionism, The use of trade barriers or other measures to limit imports and protect domestic industries from foreign competition, Foreign exchange rates, The value of one currency in relation to another, used to facilitate international trade and investment., Consumerism, The belief that buying and using a lot of goods is good for the economy and people’s happiness.

DEFINITIONS GLOBALIZATION & ECONOMY

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