Which term describes the situation when firms originate, produce, and market their products and services worldwide?

• A. Privatization
• B. Monopolization
• C. Globalization
• D. Localization

Answer: (C)

Verified step by step guidance

1. Understand the key terms provided in the problem: Privatization, Monopolization, Globalization, and Localization.
2. Define Privatization: It refers to the transfer of ownership of a business, enterprise, agency, or public service from the public sector (government) to the private sector (businesses or private individuals).
3. Define Monopolization: It describes a market situation where a single firm dominates the entire market, limiting competition.
4. Define Localization: It refers to adapting products or services to meet the needs and preferences of local markets or regions.
5. Define Globalization: It is the process by which firms operate on an international scale, originating, producing, and marketing their products and services worldwide, integrating markets across countries.