term1 Definition1term2 Definition2term3 Definition3
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Globalization
shift towards a more integrated and interdependent world economy
merging of separate national markets into 1 global marketconvergence of tastes / preferences into a global normstandardized products offered worldwide
Globalization of Production
the sourcing of goods and services from locations around the world to take advantage of differences in cost or quality of the factors of production (1. Land 2. Labor 3. Capital)
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