Globalization: The process by which businesses or other organizations develop international influence or start operating on an international scale. It's like your local supermarket expanding into a global chain.
Supply and Demand: An economic model of price determination in a market. It's like deciding what to buy based on how many items are left on the shelf (supply) and how many people want it (demand).
Economic System: The means by which countries and governments distribute resources and trade goods and services. It’s like the rules set by the supermarket for selling their products.