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Definition
Refers to the overall structure, patterns, and interactions of economic activity on a worldwide scale. It includes factors such as international trade, investment flows, global corporations, and economic alliances.
Related terms
Globalization: The process of increased interconnection among countries through trade, investment, technology transfer, and cultural exchange.
Multinational Corporations: Large companies that operate in multiple countries with subsidiaries or branches around the world.
World Trade Organization (WTO): An international organization that regulates global trade rules between nations.
