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EPF M6L4 Key Terms
Economics & Personal Finance Module 6 Lesson 4 Key Terms
Term | Definition |
---|---|
Globalization | The global exchange of products, services and ideas around the world. |
International Trade | The exchange of goods and services between different countries. |
Favorable Balance of Trade | When a country’s exports are greater than imports. |
Comparative Advantage | When a country focuses on creating the goods and services it can provide at a lower cost than other countries. |
Outsourcing | Hiring a person or company outside of your own business to provide a good or service for your business to lower costs. |
Import | To buy goods from another country. |
Export | To sell goods to another country. |
Tariff | A tax on imported goods. |
Embargo | A government order to stop trade with another country. |
Sanction | A government order to stop trade on specific goods. |
Quota | Limit on the amount of a specific good the government allows to be imported. |
World Bank | A bank that provides financial assistance to less developed countries. |
Developing Countries | Countries with high poverty levels that are not industrial. |
Developed Countries | Industrialized countries with a strong economy. |
Free Trade | Trade between countries without any restrictions from the government. |
NAFTA | The North American Free Trade Agreement is an agreement between the United States, Canada and Mexico that includes free trade, including no tariffs on imports. |
United Nations | A group organized as a result of World War II to help countries deal with future conflicts. |
Human Rights | Basic rights and freedoms that all humans have just because they are human. |
Child Labor | When children under age 16 are working. |