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What is a key assumption of glocalization?
Short-run Equilibrium
A state in which market supply and demand balance each other, and, as a result, prices become stable temporarily.
Global Pollution
Environmental damage that crosses international borders, affecting air, water, and land on a worldwide scale.
Aggregate Supply
The total supply of goods and services that firms in an economy are willing to sell at a given overall price level and in a given time period.
Aggregate Demand
The combined appetite for every good and service across an economy, pegged at a general price level during an established time period.
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