Describes the practice of products and services traded between countries around the world.

Global economy.

Explanation:

Global economy refers to the totality of economies of all countries, societies, and human beings in the whole world. This concept describes the practice of products products and services traded between countries around the world. This international trade of products and services is the basic foundation of the global economy. In recent decades, this concept has become more important due to the advent of globalization, which can be understood as how economic, social and political events in one part of the world affect others in another distant part of the world.

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