Correct Answer: Integration of economies and societies

Solution : The correct answer is (b) Integration of economies and societies

Globalization refers to the increasing integration of economies and societies on a global scale. It involves the free flow of goods, services, capital, information, and people across national borders, leading to closer economic and social interactions among countries.

Globalization is characterized by the expansion of international trade, foreign investments, and cross-border economic activities. It encompasses various aspects such as the exchange of goods and services, financial transactions, technological advancements, cultural exchanges, and the movement of people.

Globalization has led to the formation of global supply chains, the growth of multinational corporations, the spread of cultural influences, and the integration of financial markets. It has transformed the way economies function and interact, promoting economic growth, innovation, and the sharing of knowledge and ideas.