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Globalization is the process of increasing interdependence and integration among the economies, markets, societies, and cultures of different countries worldwide. This is made possible by the reduction of barriers to international trade, the liberalization of capital movements, the development of transportation, and the advancement of information and communication technologies. [1]
The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production, consumption, economic management, work in general, financial transactions and trade of goods and services.
Commerce is the organized system of activities, functions, procedures and institutions that directly or indirectly contribute to the smooth, unhindered large-scale distribution and transfer (exchange through buying and selling) of goods and services at the right time, place, quantity, quality and price through various channels among the original producers and the final consumers within local ...
In some parts of the world, the retail sector is still dominated by small family-run stores, but large retail chains are increasingly dominating the sector, because they can exert considerable buying power and pass on the savings in the form of lower prices. Many of these large retail chains also produce their own private labels which compete ...
Depending on its size, a European town or city had daily or weekly markets and fairs. Early modern Europe saw the rise of permanent stores with set hours as the predominant form of retail. More stores sold general goods rather than specializing in particular goods. Stores also grew in size which enabled customers to browse inside.
An economic system can be considered a part of the social system and hierarchically equal to the law system, political system, cultural and so on. There is often a strong correlation between certain ideologies, political systems and certain economic systems (for example, consider the meanings of the term "communism"). Many economic systems ...
In essence, international business is a dynamic force driving economic growth, fostering global cooperation, and shaping the future of commerce on a worldwide scale. To conduct business overseas, multinational companies need to bridge separate national markets into one global marketplace. There are two macro-scale factors that underline the ...
The European Economic Community was the first large-scale example of a common market. [ a ] A single market allows for people, goods, services and capital to move around a union as freely as they do within a single country – instead of being obstructed by national borders and barriers as they were in the past.