These variables include the legal system, political structure, and the business customs unique to that nation.

Openness to global trade.

Explanation:

Trade can be defined as a process which typically involves the buying and selling of goods and services between a producer and the customers (consumers) at a specific period of time.

Globalization can be defined as the strategic process which involves the integration of various markets across the world to form a large global marketplace. Basically, globalization makes it possible for various organizations to produce goods and services that is used by consumers across the world.

Openness to global trade are variables which typically include the legal system, political structure, and the business customs unique to a particular nation.

Some examples of international economic organizations involved in global economy and trade are;

I. World Trade Organization (WTO).

II. United Nations (UN).

III. International Monetary Fund (IMF).

IV. United Nations Conference on Trade and Development (UNCTAD).

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