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In a short paragraph,please explain the role that globalization has played in the transformation of our world.Has it resulted in the homogenization of the world's diverse cultures,the flourishing of many individual cultures,or both? Give concrete examples,making sure to cite examples from the textbook.
Price Mechanism
The process through which prices rise and fall as a result of changes in supply and demand, determining the allocation of resources in a market economy.
Wage and Price Controls
Government-imposed restrictions on the levels at which wages and prices can be set, usually to control inflation.
Inflation
A general increase in prices and decrease in the purchasing value of money.
Pure Capitalist Economy
An economic system characterized by private ownership of resources and the use of market mechanisms to allocate goods and services with minimal government intervention.
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