What does “Globalization” in business management terms…???
In Economic terms globalization would be defined as the interconection of international markets and the effects this interconection has on local and national bussiness. I guess in Bussiness management terms the definition would be similar to that of what you have in Micro-economics (the one given above). Some relevant characteristics of Globalization in Bussiness studies and Micro-economics are: The cheapening of resources and products as countries experience the benefits of comparative advantage and specialisation. Further decrease in production costs as firms begin to benefit from economies of scale. I am not really sure if this answers the question…Hope it does..
