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Vocab- Globalization

TermDefinition
Globalization The interaction of countries and people while using technology, communication and trade.
Import Bringing goods or services into a country from abroad for sale.
Export Sending goods or services to another country for sale.
Free Enterprise Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference.
Economy The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
Tariff A tax on exported goods.
Positives of Globalization Provides jobs to people in developing countries and allows goods to be made more inexpensively.
Negatives of Globalization Languages and traditions can disappear and job loss in the U.S. as factories move overseas.
Reason that many companies have moved factories to other countries from the U.S. Labor costs are much lower.
One way that you are connected to other countries around the world We use products from many different countries around the world.
Currency The unit of money used in a country.
Silk road An ancient trade route between China and Europe. It is an example of globalization from 2000 years ago.
Consumer goods Products and services such as cars, electronics and clothing.
Your country is a major producer of steel. What would it do with steel that it cannot use? Export it to other countries.
Why do countries place tariffs on imported goods? To protect goods made in their country.
Agreements among countries to not place limits, tariffs or other restrictions on trade is called....? Free trade.
What are some of the ways globalization connects you to countries of the world? foods from around the world being found in the U.S, news from around the world, and travel.
World Trade Organization (WTO) An organization that encourages the act of free trade around the globe.
World Bank Group A group of 5 institutions that give financial and technical aid to countries.
General Agreement on Tariffs and Trade (GATT) An agreement signed that lowered trade barriers
International Monetary Fund (IMF) A part of the UN that provides loans to countries to aid in financial development
Created by: user-1508663
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