Meaning of Globalization - SS3 Economics Lesson Note

Globalization is the process of increasing interconnectedness and interdependence among people, businesses, and countries around the world. It involves the flow of goods, services, capital, information, and ideas across borders and the breaking down of barriers that prevent this flow.

Globalization can be seen in many aspects of modern life, such as the widespread availability of products from around the world, the ease of communication through technologies like the internet and social media, and the movement of people across borders for work or education.

While globalization has the potential to create new opportunities and improve living standards for people around the world, it can also bring challenges and risks, such as increased competition, inequality, and environmental degradation.