1.

The term "globalization" is used to describe how trade as well as technology has increased connectivity and
interdependence around the world. The resulting economic and societal developments are also included in the
scope of globalization. It can be visualized as the strands of a massive spider web that has grown in size and
reach over thousands of years. In the modern era, more people and more things have traveled these silky
strands than ever before, and they have done so more quickly and in greater quantities.
2. People who belong to the same nation share a same history, culture, racial or language background. It is a
cultural-political community, to be more precise. Additionally, the nation is kept together by the close ties that
exist between people due to shared characteristics including ethnicity, language, and descent. On the other
hand, a state is an organized political unit with set borders. When these two ideas get shared, a nation state is
created, which is a community of people who share common cultural traits and reside in a separate political
entity with set limits. A nation state is a form of government in which a group of people have a similar identity
and reside within a state with clearly defined borders. It is an arrangement of people based on location, politics,
and culture. In addition, a nation state is held together by its elected officials, its geographical borders, and its
citizens' sense of connection.
3. Globalization has raised living standards worldwide, but not everyone has benefited from all of its impacts. The
benefits of globalization are not universal. Any change involves winners and losers, and those who reside in
areas where jobs have been outsourced to other countries frequently lose out. In practice, this implies that
workers in developed countries must compete for jobs with workers in lower-cost markets; unions and workers
may not be able to defend against the threat of firms that offer employees the choice between receiving lesser
pay and losing their jobs to a supplier in a labor market with lower wages. Despite its disadvantages,
globalization is an irreversible process. A smaller, more connected world is the outcome. Socially, globalization
has made it easier for people to share their ideas and customs, which has led to a more accepting and tolerant
society.
4. Economic globalization is a challenging and ongoing process that has been driven by advances in technology,
communication, transportation, and changes in economic and political views over centuries. It refers to the
rising connectivity and interdependence of economies around the world, resulting in the cross-border
movement of products, services, capital, information, and technology. Economic globalization evolved over
centuries as a result of historical, technological, and policy-driven causes. It has resulted in growing economic
interconnection and interdependence, forming the present global economic landscape.
5. The modern world is characterized by a complex interplay of technological advancements, socio-political
dynamics, cultural diversity, and global challenges.
6. One of the monetary systems is barter system. In ancient times, people exchanged goods and services directly in
a barter system, where items were traded for other items without a standardized medium of exchange. As
societies developed, certain items with intrinsic value, such as grain, livestock, or precious metals like gold and
silver, began to serve as a form of money due to their scarcity and usefulness also known as commodity money.
Over time, governments started issuing paper money that was not backed by a physical commodity but derived
its value from a declaration by the issuing authority. Fiat money relies on public confidence and acceptance.
7. The phrases "core" and "peripheral" are frequently used in the context of world systems theory and global
economics to describe differing levels of economic development, power, and influence among countries or areas
within the global economy. These concepts serve to explain the ordered connections and dynamics that exist
between distinct regions of the world.
8. A unilateral agreement, also known as a unilateral declaration or action, is when a single country makes a
decision or takes an action without the need for cooperation or negotiation with other countries. A bilateral
agreement involves two countries that enter into a mutual arrangement or understanding. It is a formal
agreement between two parties where both sides make commitments to each other. A multilateral agreement
involves three or more countries that come together to negotiate and agree on terms and conditions that apply
 to all parties involved. These agreements are more complex due to the larger number of participants and the
need to balance diverse interests.

Resources:

https://education.nationalgeographic.org/resource/globalization/

https://pediaa.com/what-is-the-difference-between-nation-and-nation-state/

https://byjus.com/free-ias-prep/types-monetary-system/