Explanation:

Globalization, as the name suggests, indicates the worldwide presence of anything related to trade ,culture,education,art and politics. However, the term is predominantly used to indicate how the free movement of goods and services have made the inter-national borders irrelevant and created inter-dependency between world economies.

In a globalized economy, people from one part of the world get access to goods and services offered from another part with ease. For instance, an Indian can get his hands on iPhone on the same day it's launched at its Californian head quarters in Cupertino. Thanks to the advent of internet, an European company can now get its business processes performed by the Indian and Filipino professionals sitting at their desks located thousands of miles away from the company's head quarters. Besides that, the mass generation of employment by multinational companies in developing economies like India,Brazil help lift millions out of poverty.