Globalization Is

question 38

Multiple Choice

Globalization is:

• A)rapidly diminishing the amount of human interaction
• B)a single world order with increasing interdependence
• C)simply the expansion of a global economy
• D)all of the above
• E)none of the above

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Definitions:

Equilibrium Economic Rent

The additional income received by a factor of production, due to its scarcity or unique value, when the market is in equilibrium.

Farmland

Land dedicated to agricultural practices including the cultivation of crops and raising livestock, a critical resource for food production.

Incentive Function

The role of incentives or rewards in influencing individuals' or entities' behavior towards achieving certain goals or outcomes.

Supply Curve

A graphical representation that shows the relationship between the price of a good and the quantity supplied.