Explain How Globalization Impacts Inflation in Both the Short Run

question 21

Essay

Explain how globalization impacts inflation in both the short run and the long run.

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Definitions:

Gaseous Phase

A state of matter characterized by neither a defined shape nor volume, with molecules moving freely, much faster than in liquid or solid states.

Phosphorus Cycle

The worldwide circulation of phosphorus from the abiotic environment into living things and back into the abiotic environment.

Nitrogen-Fixing Bacteria

Bacteria capable of converting atmospheric nitrogen into organic compounds usable by plants.

Gaseous Nitrogen

Nitrogen in its gaseous state, making up about 78% of the Earth's atmosphere, and is chemically inert under most conditions.