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Student Question

Secondary V • 1yr.

Good afternoon, what is globalization? Is it like the economy becoming global?

What is interdependence?

What are the economic barriers?

Contemporary World
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Explanations (1)

  • Explanation from Alloprof

    Explanation from Alloprof

    This Explanation was submitted by a member of the Alloprof team.

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    Team Alloprof • 1yr.

    Hello!

    Globalization is the opening up of the national economy from one state to a global market. Countries are therefore increasingly exchanging with each other.

    Interdependence refers to the relationship of mutual dependence between people, companies or states. Globalization increases the interdependence between countries.

    Economic barriers are obstacles to trade. For example, border taxes are barriers to trade because they can dramatically increase the price of a product.

    Let us know if we can do anything else to help!