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Angela Padron
on Nov 22, 2024

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In 1995, the government of Duyat, a country in Asia, began major economic reforms that allowed free trade relations with other countries. Duyat started exporting iron ore and limestone to other countries around the world. Its domestic market strengthened, and it experienced an economic boost. This scenario best exemplifies _____.

A) nationalization
B) subsidization
C) commodification
D) globalization

Globalization

The process of interaction and integration among people, companies, and governments worldwide, largely driven by international trade and investment and aided by information technology.

Economic Reforms

Government policies aimed at improving a country's economic efficiency by reducing restrictions, encouraging free-market conditions, and fostering competition.

Free Trade

Free trade is a policy framework in which governments do not discriminate against imports or interfere with exports, allowing goods and services to move freely between countries.

  • Understand the concept of globalization and its impact on markets and production.
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Reggie RiofrirNov 28, 2024
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