Which of the following is a benefit of globalization?

Increased market access for businesses is a significant benefit of globalization. As markets become more interconnected, businesses have the opportunity to reach consumers in different countries that were previously inaccessible. This expansion allows companies to tap into new customer bases, increase their sales, and often benefit from economies of scale. By entering foreign markets, businesses can diversify their operations and reduce reliance on their domestic market.

Additionally, globalization can lead to more competition and innovation, as companies are not just competing locally but against international players. This enhanced competition can drive improvements in products and services, ultimately benefiting consumers worldwide.

The other options do not align with the advantages typically associated with globalization. A reduction in domestic competition or imposing higher tariffs directly contrasts with the principles of globalization which encourage open markets and lower barriers to trade. Stronger local regulations can also inhibit business operations and limit market access, which is not a positive aspect of globalization.