Explain the New Economy, Globalization, and Their Relationship to Westernization

question 46

Essay

Explain the new economy, globalization, and their relationship to Westernization and Americanization.

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Definitions:

Complements

Goods or services that are used together, so that the consumption of one enhances the consumption of the other.

Substitutes

Products or services that can replace each other in satisfying a consumer's needs or wants.

Monthly Consumption

The total amount of goods and services that consumers purchase and use within a month.

Monthly Income

The total earnings received by an individual or entity on a monthly basis, from sources such as employment, investments, and other income.