What Is Globalization

question 20

Multiple Choice

What is globalization?

• A)the warming of the earth's core
• B)the attempt to colonize planets in space
• C)the growing global economic, cultural, and political integration and interaction
• D)pcting the markets in your country by raising tariffs
• E)the call for a one-world government

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Definitions:

Supply

The complete quantity of a product or service that can be bought at a particular price point.

Price Floor

A legally established minimum price for a good, or service. Normally set at a price above the equilibrium price.

Competitive Market

A market structure characterized by a large number of buyers and sellers, free entry and exit, and a high level of competition.

Persistent Shortages

An economic condition where the demand for a good or service consistently exceeds its supply, often due to factors like price controls, causing prolonged scarcity.