Globalization Is Described as the Creation of a Single World

question 41

Essay

Globalization is described as the creation of a single world market.You can see evidence of globalization in every store,and in most products.You can also see it in the shifting of labour intensive industry to low wage cost countries.As Canadians we are generally in support of free trade.Using appropriate trade theories explain why freer trade is particularly beneficial to Canada and to our trading partners.

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Definitions:

Money Supply

The entire sum of cash, coins, and account balances in checking and savings that constitute the monetary assets in an economy at a specific time.

Real GDP

The total value of all goods and services produced by a country over a specific time period, adjusted for inflation, reflecting the actual productivity of an economy.

Velocity of Money

The rate at which money is exchanged in an economy, often used to measure the activity level of economic transactions.

Inflation Rate

The inflation rate is the percentage increase in the general level of prices for goods and services in a country over a period of time.