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What is the best definition of “globalisation” as used in economics?

easy MCQ 2 marks Class 10 · Economics · Globalisation and the Indian Economy
  1. The increase in the volume of international trade only.
  2. The process of opening markets for foreign goods while protecting domestic industries.
  3. The increasing integration of national economies through the flow of goods, services, capital, technology and labour across borders.
  4. A policy where a country imposes high tariffs to protect its own producers.
Answer
The increasing integration of national economies through the flow of goods, services, capital, technology and labour across borders.

Step-by-step solution

  1. Read each option carefully and note the key elements mentioned.
  2. Identify the option that includes integration of economies and movement of goods, services, capital, technology and labour.
  3. Select the option that captures all these features, which is the correct definition.
Common mistake: Choosing an option that mentions only foreign trade, ignoring capital, technology and labour flows.

Concept tested: Definition of globalisation

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