Globalization is the process by which ideas, knowledge, information, goods, and services spread around the world. In business, the term is used in an economic context to describe integrated economies marked by free trade, the free flow of capital among countries, and easy access to foreign resources, including labor markets, to maximize returns and benefit the common good.

1. What is globalization
and urbanization?

2. • Globalization: Globalization is the word used
to describe the growing world’s economies,
cultures, and populations, brought about by
cross-border trade in goods and services,
technology, and flows of investment, people,
and information. Combination of economic
and social process, sharing of traditions and
culture with import or export.
• Example: CPEC is the large example of
globalization.

3. • Urbanization: Urbanization refers to the
population shift from rural to urban areas,
the decrease in the proportion of people
living in rural areas, and the ways in which
societies adapt to this change. The process
of making an area more urban.