Vocab- Globalization Word Scramble
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| Term | Definition |
| Globalization | The interaction of countries and people while using technology, communication and trade. |
| Import | Bringing goods or services into a country from abroad for sale. |
| Export | Sending goods or services to another country for sale. |
| Free Enterprise | Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference. |
| Economy | The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services. |
| Tariff | A tax on exported goods. |
| Positives of Globalization | Provides jobs to people in developing countries and allows goods to be made more inexpensively. |
| Negatives of Globalization | Languages and traditions can disappear and job loss in the U.S. as factories move overseas. |
| Reason that many companies have moved factories to other countries from the U.S. | Labor costs are much lower. |
| One way that you are connected to other countries around the world | We use products from many different countries around the world. |
| Currency | The unit of money used in a country. |
| Silk road | An ancient trade route between China and Europe. It is an example of globalization from 2000 years ago. |
| Consumer goods | Products and services such as cars, electronics and clothing. |
| Your country is a major producer of steel. What would it do with steel that it cannot use? | Export it to other countries. |
| Why do countries place tariffs on imported goods? | To protect goods made in their country. |
| Agreements among countries to not place limits, tariffs or other restrictions on trade is called....? | Free trade. |
| What are some of the ways globalization connects you to countries of the world? | foods from around the world being found in the U.S, news from around the world, and travel. |
| World Trade Organization (WTO) | An organization that encourages the act of free trade around the globe. |
| World Bank Group | A group of 5 institutions that give financial and technical aid to countries. |
| General Agreement on Tariffs and Trade (GATT) | An agreement signed that lowered trade barriers |
| International Monetary Fund (IMF) | A part of the UN that provides loans to countries to aid in financial development |
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