Globalization Is the Increasing Exchange of Goods,services,ideas,and People Among a Small

question 64

True/False

Globalization is the increasing exchange of goods,services,ideas,and people among a small community.

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Definitions:

Final Demand

The demand for finished products by consumers, businesses, and the government, without any further processing or transformation.

Goods and Services

Represents the output of an economy, where goods are physical items and services are activities provided by others for benefit or pleasure.

MRP

In economics, Marginal Revenue Product is the additional revenue generated by employing one more unit of a resource.

Market Wage Rate

The prevailing pay scale for work performed in a specific industry or occupation in a geographical area.