The correct answer is Option (1) → (A)-(IV), (B)-(I), (C)-(II), (D)-(III)
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List-I (Concept)
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List-II (Explanation)
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(A) Globalisation
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(IV) A period in which the world is becoming increasingly interconnected-not only economically, but also culturally and politically
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(B) Liberalisation
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(I) It includes a range of policies, such as the privatisation of public sector enterprises, loosening of government regulations on capital, labour, and trade; a reduction in tariffs and import duties so that foreign goods can be imported more easily.
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(C) Marketisation
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(II) Use of markets or market-based processes (rather than government regulations or policies) to solve social, political, or economic problems.
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(D) Commodification
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(III) Things that were earlier not traded in the market become commodities.
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