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