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Globalization
| Question | Answer |
|---|---|
| Trade | The exchange of goods and services |
| Outsourcing | The process by which a company hires other companies to perform some of its work |
| Protective Tariff | Fees placed on imported goods to protect goods produced within a country |
| Specialization | Targeted production in order to be more efficient and cost effective |
| Infrastructure | The foundation upon which businesses operate |
| Natural Resources | Resources provided by nature that people used to create goods and services |
| Offshoring | Companies hiring other companies |
| Export | Goods and services sold from one country to other countries |
| Free Trade Routes | Areas with no tariffs or quotas for trade |
| Globalization | The creation of a single global economy and community |
| Capital Resources | Goods made to make other goods and services |
| Comparative Advantage | Region produces certain goods or services it can make at lowest cost |
| Entrepreneur | Person who organizes and manages any enterprise (usually takes the risk) |
| Goods and Services | Goods are items made or grown; services are provided for you by other people |
| Human Resources | Human power required to produce a good or service planning |
| Import | Goods from foreign countries brought into a country for sale or use |
| Capitalism | System also known as free enterprise or free market - people own their own goods and property |
| Commercial Industries | Goods are manufactured in factories for sale throughout the country or overseas |
| Communist Economy | The government owns and operates all businesses |
| Free Enterprise | People are free to produce what they want and to buy what they want |
| Mixed Economy | Blended features of more than one economy |
| Traditional Economy | Economy dominated by methods and techniques that may be old-fashioned or out of date |
| Primary Economic Activity | Production of raw materials and food |
| Quaternary Economic Activity | Sector of economy consisting of intellectual activities, government, culture, libraries, education, etc. |
| Rural | related to the country-not in the city |
| Secondary Activities | Manufactures finished goods |
| Subsistence Agriculture | Raising just what is needed for your family to live |
| Gross Domestic Product | Total value of all goods and services produced by a nation in a year |
| Developed Nation | Higher G.D.P and standard of living |
| Developing Nation | A country with a lower economic level standard of living |
| Life Expectancy | The average number of years a person born in a given country will live |
| Literacy Rate | The number of people able to read in a country |
| Human Development Index | A composite statistic used to measure a country's standard of living |
Created by:
jeremyc-12
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