The Process of Social and Economic Change Resulting from the Reduction

question 44

True/False

The process of social and economic change resulting from the reduction of industrial activity,especially manufacturing is called globalization.

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Definitions:

Market Price

The existing rate at which an asset or service is available for buying or selling in a competitive environment.

Not Binding

A term used to describe agreements, conditions, or regulations that do not impose restrictions on the actions of the involved parties.

Market Effect

The impact of supply, demand, and external factors on the prices and availability of goods and services in a market.

Minimum-Wage Laws

A legal framework that specifies the minimum hourly earnings employers are obliged to pay their staff.