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SC 7-7.6
SC 7-7.6 Global Interdependence
| Question | DEFINITION |
|---|---|
| electronic communications, or "mail", sent over computer networks | |
| globalism | people worldwide began to think of themselves as part of one big economic and political system |
| interdependence | nations relying upon one another for trade and economic stability |
| Organization of the Petroleum Exporting Countries (OPEC) | A group of 11 countries founded in 1960 that choose to collaborate in order to manage the exportation of their crude oil to the rest of the world. Because of their ability to adjust production levels, they possess a great deal of influence on the price of |
| global economy | worldwide marketplace in which nations depend upon each other for raw materials to make goods and for markets to sell them (IMPORT/EXPORT MATERIALS AND PRODUCTS) |
| multinational corporation | "multinationals" or companies that may have headquarters in their home countries, but they have business locations all over the world |
| subcontractor | smaller businesses that work for larger ones |
| outsourcing | assigning work to outside workers-outside of a large companies work force (example: American companies making goods in other countries instead of using American workers) |
| high-tech | business that works with sophisticated technology like electronics |
| favorable balance of trade | trade in which exports equal or outnumber imports |
| European Union (EU) | An economic and political association of certain European countries with internal free trade and common external tariffs. It was created on November 1, 1993, and consists of 27 member states, 16 of which use the common currency unit, the euro. |
| euro | the common currency of the European Union |
| North American Free Trade Agreement (NAFTA) | a regional market created by the United Stats, Canada, and Mexico |
| trade deficit | Americans purchased more from foreign countries than what the U.S. sold abroad ( when we import more than export) |
| Association of Southeast Asian Nations (ASEAN) | an association of nations dedicated to economic and political cooperation in southeastern Asia |
| GATT treaties | a United Nations agency created by a multinational treaty to promote trade by the reduction of tariffs and imports |
| World Trade Organization (WTO) | made up of 140 nations to negotiate trade agreements and settle trade disputes |
Created by:
mhardy
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