What Does "Globalization" Refer To

question 1

Multiple Choice

What does "globalization" refer to?

• A) Capitalist economic policies and their global effects
• B) The spread of socialism that Karl Marx envisioned would precede worldwide communism
• C) The integration of the world's economies, political systems, informational networks, and ecology into one large global system
• D) The mistake of reducing complex differences between nations to an idea of global sameness

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Definitions:

Marginal Utility

The supplementary value or utility derived from the consumption of one more unit of a good or service.

Market Price

The existing value at which an asset or service could be sold or bought.

Consumption

The usage of goods and services by households.

Labor Supply Decisions

The determination by individuals regarding how much they are willing to work, influenced by wages, working conditions, and personal preferences.