_______________ Is the Process by Which the World Has Become

question 22

Short Answer

_______________ is the process by which the world has become interdependent of events and actions of people and governments around the world.

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Definitions:

Perfect Substitutes

Two goods with straight-line indifference curves.

Constant

A fixed value in mathematics, physics, and other sciences, that does not change under specified conditions.

Indifference Curves

Graphical representations in consumer theory that show combinations of two goods among which a consumer is indifferent.

Downward Sloping

A term often used to describe a graph line indicating a decrease in one variable as another variable increases, such as price and demand.