GH 3 Unit 2: Concepts

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Globalization

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The process of increasing interconnectedness and interdependence between countries worldwide.

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International Trade

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The exchange of goods and services across international borders.

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Multinational Corporations (MNCs)

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Large corporations that operate in multiple countries.

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Economic Sectors

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Divided into primary (natural resources), secondary (manufacturing), and tertiary (services).

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World Trade Organization (WTO)

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Regulates international trade.

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Trade Balance

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The difference between a country's exports and imports.

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Imports and Exports

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Goods brought into and sent out of a country.

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Global Supply Chains

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International networks for producing and distributing goods.

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Economic Integration

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The unification of economic policies across countries.

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Gross Domestic Product (GDP)

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The total value of goods and services produced in a country.