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The market
The market
What is a market?
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Definition:
Any institutional arrangement in which individuals or collective agents exchange goods and services
According to economics, market transactions are voluntary
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Agents seek to find the best deal, thus creating competition among the participants on the other side of the market
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Globalization
Economic Globalization
All economies have, to a greater or lesser extent, been absorbed into an interlocking global economy.
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Geographical distance and territorial boundaries, such as those between nation-states, are of declining relevance
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