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What Are Three Primary Reasons for the Growth of International

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Essay

What are three primary reasons for the growth of international trade over the past 50 years?


Definitions:

Aggregate Supply

The total supply of goods and services that firms in an economy plan on selling during a specific time period at given prices.

Price Level

A measure of the average prices of goods and services in an economy at a given time.

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of all goods and services produced over a specific time frame.

Aggregate Demand Curve

A visual diagram that illustrates the connection between the total price level within an economy and the aggregate demand for products and services at that specific price level.

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