Question

Define the following terms: globalization, the digital economy, and the information age.

Answer 1

Globalization is simple terms can be defined as when economies are open for trade and have a broader outlook to have mutual benefit. Then there is a transfer of technology, capital goods, services between them.

Globalization acts as a bridge that gaps the distance between the economies.

2. The digital economy in simple terms can be defined as an economy which is using the technology based on the internet for its social ,cultural and economic development.

For example the economy performs daily operations in Digital way, for example, daily transactions ,banking ,military, etc.

3. Information age is is the current age in the 21st century which is run by the internet and the digital way.

It is also called a new media age and which most of the things are running based on the information that is available to everyone by just click away.

In this information era, most of the things are controlled by machines and computers.