The Emergence of World Markets for Standardized Products and Services

question 94

Multiple Choice

The emergence of world markets for standardized products and services and scale economies in production, distribution, marketing and management is a result of what trend:

• A) The modernization movement
• B) The globalization movement
• C) The westernization movement
• D) None of the above

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Definitions:

Fair Market Value

The price that property would sell for on the open market between a willing buyer and a willing seller.

Preexisting Duty

An obligation that a party is already legally required to perform, which cannot serve as consideration for a new contract.

Executory Contract

A contract that has not yet been fully performed or completed by one or more parties.

Executory

Pertaining to a contract or agreement in which not all obligations or terms have yet been fulfilled by the involved parties.