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TCI Chapter 32 Vocab

TCI Chapter 32 Vocabulary

TermDefinition
globalization the development of a worldwide society
region an area defined by one or more cultural characteristics that set it apart from other areas
free trade the flow of goods and services across national borders with few controls by governments
tariffs a tax on goods imported from another country
multinational corporation a large company that has operations in more than one country
economic interdependence a condition in which countries have strong ties and depend on each other for resources, technology, trade and investment
distribution the way people or things are spread out over an area or a space
toxic waste materials from industry that are poisonous to human or other living things
foreign investment money coming into a country from investors in another country
urban found or living in a city
rural found in or living in areas that are not close to cities
capitalism a way of organizing an economy so that the things that are used to make and transport products are owned by individual people and companies rather than by the government
capital wealth in the form of money contributed for a particular purpose such as starting a company or investing
division of labor the assignment of different parts of a manufacturing process or task to different people in order to improve efficiency.
equity the quality of being fair and impartial
entrepreneur a person who organizes and operates a business, taking on greater than normal financial risks in order to do so.
creative destruction the act of a newly created thing destroying its older kind. (i.e. the iPhone 6 did this iPhone 4+5)
Created by: Turicek