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Globalization
Discovery Techbook chapter 12.2
| Term | Definition |
|---|---|
| goods | products meant to satisfy the wants and needs of buyers |
| globalization | the increasing interdependence of nations and peoples across the globe |
| agriculture | the cultivation or production of plants and animals for human use |
| standard of living | people’s quality of life based on the goods and services that are available to them |
| trade | the exchange of goods and services by sale or barter |
| supply and demand | the willingness and ability of producers to offer goods and services for sale |
| interdependence | countries that are mutually reliant upon each other |
| outsourcing | hiring outside suppliers to handle work that was once done in-house for higher costs |
| offshoring | a type of outsourcing that helps save money and cut costs |
| specialization | economic term that describes people who do one job using the resources they have |
| free trade | economic policy in which a nation does not try to limit imports or exports by enacting tariffs or subsidies |
| infrastructure | the underlying foundation or framework of a system, organization, or location |
| economic chain | industries from producers to consumers helps us to understand how trade and globalization affect the world (primary, secondary, tertiary) |
| GDP | the best way to measure a country's economy when it is divided by the number of people/capita |
| commodity | a raw material or primary agricultural product that can be bought and sold |
| fair trade | legit prices are paid to producers in developing countries |
Created by:
hingram2000
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